Is it the same reason that hazing create shared trauma which we cope with by forming bonds?
Team-building is the only legal form of hazing allowed by companies. Now that's not to say all Team-building is hazing - but...
Maybe it's me but I can't think of any question that would produce an answer of information I didn't know and actually want to know. From any CEO.
What would you ask Musk? Or your own CEO if you had the chance?
They might not be good advice, or they might not have insight in to you as an employee (though I would challenge them to get that first as part of the question), but you just might uncover some unknown unknowns and open some doors.
If you asked HR they will probably give you more of an honest answer. We are trying to pay people as little as possible.
Or there are the "split into small groups to do a task" tasks, which are usually won by teams where one person 'just does it', whilst the rest are bickering around how to break down the task and assign r&r. Again, not sure if this is the point, but you very rapidly notice which of your colleagues are both loud and useless.
Oh and final whine, 'the prizes' There doesn't need to be one - but if there is, could it please be something that's actually wanted? Branded merch, $100 Apple voucher, ask the CEO a question etc...
..actually, I wouldn't mind asking if his bonus is an f'in polo shirt.