This is... uh... pretty bad.
The most important part of a tournament manga are the character dynamics and interactions that happen over the course of a fight, seeing the culmination of the participants' character arcs as they win or lose.
This entire thing, however, felt like the backstories and the fights were incredibly disconnected, the backstories only there to give an edgy background to the participants. Momorato Vs Wukong was just hype moments and aura, with zero substance. Power ups are only cool because of the context they're inserted in. Wukong entering his final form wasn't cool, it was just "ok I guess he can do that". If you wanna make the reader go "oh shit, it's not over yet" you gotta make them invested in the characters fighting first.
Then, there's the issue of having way too many participants. 4 groups, each with 8 people, wouldn't be that bad in a nutshell, other tournament manga tend to have around this amount, but when you spend 1 entire volume on just the introductory fight that doesn't meaningfully gets us interested in the characters, that's way too many freaking people. Kengan Asura managed to do so because it already had an established fanbase following a main character's growth for volumes before it even got to the tournament, already making it clear how the politics behind the scenes was just as important for the plot as the fights themselves. Record of Ragnarok can afford to spend 1 volume on each battle because it's not a bracket style tournament, so the number of fights is much, much smaller. Every other good tournament manga either has quicker fights or rushes to introduce out-of-battle plot and character growth.
This was 1 volume of two dudes duking it out and nothing else.
I feel like the author realized they fucked up volume 1 and switched things up, since they immediately made Red Hood instakill Beauty&Beast without even introducing anything about the latter, then immediately said "hey all the other groups are also having fights at the same time, Santa Claus just killed his opponent!"
...Except they didn't realize this is an even stupider mistake, because not only did you not fix the issue of characters not mattering, but you also told the audience "hey, there are characters in this story that are purely meant to be fodder lol". The other fights happening in the other groups? Doesn't matter, you won't get to see them, they're less important than group A. Now we're given even less reason to care.
This isn't a story, this is a premise.