1. It is costless
2. Most likely you underestimate yourself, so your chances are not low (most likely)
3. It can give you new perception of life
4. It can give you new friends / community
5. It can give you new opportunities
6. It is just cool!
Yes, some programs, especially the government, need a lot of applications. Moreover, for writing in the right way these applications some trickery (i.e. additional time resources) is needed. But a) a lot of programs don’t need such amount of applications (see Pioneer, Emergent Ventures or in some extent YC); b) with more attempts you will be able to more easily apply for next programs because of accumulated dataset of documents and descriptions and skills; c) there are some people who can help you like alumnus of these programs or maybe experts, I think they are often glad to help next participants; d) for your project you can divide the filling the application between members of you team which can make your individual work easy. So, with some approximation, applying seems like a real and beneficial task.
When I was going to participate in the RYEP 2019 program I didn’t expect to win. But I took part because I wanted to try (“at least, I tried”, One Flew Over the Cuckoo's Nest). Eventually I became one of the 40 winners from more than 600, I guess, participants. And after the program I realized that by the level of my commitments, interest, and mental ability in comparison to others (one our girl smoked weed really everyday) I should be in like TOP-3 participants (yeah, smart and interesting people are rare). So, I really underestimated myself in a very huge way. I think it’s a feature of some people, especially from small towns with an unambitious environment. But these people also can have their own advantages - often it’s the high level of hard work because of feeling a necessity to catch up with their progressive new classmates. The power of the US or even Moscow can partially be explained with the attraction of these people there. So, you can really win the program because you are not worse than others. Checked)
What about possible benefits, it can change your life because it gives you a new way of thinking or makes you review some values. For my RYEP program I was amazed that there are a lot of people who work for really good purposes (it was an ecological program so we met with people who teach, make or research some green things). To be honest, I grew up in the conditions of “assuming bad intentions”, in Russia I guess it’s prevailing value) But in the US I saw really good people, after that I started researching the nonprofit sector of Russia and saw a lot of other good people (about giving see next essay). So, I think the RYEP program made me better and showed a new perspective for me.
I think it’s the hardest problem when someone who is nerd and talented doesn’t have like-minded friends. Some old solutions like universities work poorly (actually, like 90% of my classmates in the leading economic university in Russia were not about curiosity, progress, hard work). Some new solutions only are appearing (like Russian e-communities Mesto or Vast3k Club and English e-communities like Pioneer). Alexey Guzey adviced twitter and own blog for finding your own people, but I think it’s not the solution for all. Programs can give you new communities (in my case, it was like ⅔ poor but ⅓ was excellent) and friends, and meet with new, ambitious people.
Realization of one program can give you motivation / fundings for other opportunities (making a prototype of your program, apply for another program that I did or even relocate and change the university that did alumni of RYEP 2018) and this self-expanding process can continue and continue...
And finally, moving to another country, making your own project or just meeting new people can be very exciting experiences! Believe me who is for free visited Empire State Building in NY and the State Department in Washington, DC:)