Drinking and eating contests carry too much liability. Someone gets drunk and falls and blames it on the drinking contest, even though they kept on drinking long after the contest ended. Or they overeat and their cholesterol goes up - blame it on the cruise line!
I have seen a mild version involving beer on Carnival - in 2002 aboard the Pride. At the pool games the contestants had a swimming race but they couldn't enter the water until they had killed a 12 ounce can of beer. I imagine that one is history now too.