I tend to view challenges like this as the songwriting version of doing "freewriting" as an author. The purpose isn't to write perfect songs that you would want

I tend to view challenges like this as the songwriting version of doing "freewriting" as an author. The purpose isn't to write perfect songs that you would want to commercially release. The purpose is to get out of the "perfection" mindset and just write anything without judgement. One of the primary ways to get better at songwriting is to write a ton of songs. Challenges like this help you do that. The best part about writing a ton of songs is that when you decide you want to truly release something, you have an arsenal of songs to choose from. If you feel too much pressure to do an entire album in 24 hours, then make your own challenge. Write a new song every day for a month and see how your songwriting skills improve. Or maybe just write and record one song in 24 hours. Make the challenge work for you, stretch your skills, and utilize Parkinson's law to actually complete something. The majority of amateur musicians that I know (myself included) rarely finish songs, and that is what makes these challenges useful.