Sat/Sun OFCC is about sportsmanship and fun. There are no prizes for winners, best painted, etc. Just a silly medal. However, getting favorite opponent pins earns you additional tickets for the prize raffle which is done.
As to hard or soft, it's really about don't be a dick and facemelt someone while rubbing it in their face (no one likes that). It's in your opponents hands to judge you, thus this is what OFCC is about. Previously being a team event allowed captains to create better list matchups, but that's part of the design too. Every player is different, some are hardcore win at all cost folks. Others are painters and field what 'looks' cool.
The final answer is, have fun (both you and your opponents).
(Oh and edit to address above points, Friday's event I'm less familiar if it's focusing on competitive. However, the weekend event is not about soul crushing).