GS1 has been watching it and apparently isn't impressed by most of the parents. He thinks the competition puts too much importance on memory and thinks problem solving ability is more important. Of course he has got an exceptionally good memory himself and may think it's something we can all do quite easily.
I don't think it's any more abusive than any other contest involving children. DD put up with a lot of criticism, which many might have considered abuse, from the age of eight when she was a gymnast. And of course devastating disappointments when things went wrong, but she would have been appalled if we'd suggested giving up.
Obviously some of the parents are complete basket cases, the American and Asian ones always seem to be the worst. The Brits seem to be a bit more laid back. I'm not convinced that pushing their child's intelligence is necessarily going to make them more successful in life. I've known some very clever people who have really been very functional as adults.