Top500 is voluntary, but for most govt. organisations it's a bit of muscle flex and private don't even care about it. For instance, FinTech companies (e.g. XTX) don't bother about the Top500 because it's (a) giving away competitive secrets and (b) irrelevant to them.
In the community, it's still really useful, and grant funded systems reward the funders with some prestige. South Africa is launching a system that will be back on the Top500 and has (for right or wrong reasons) target an Rmax goal.
Green500 shouldn't be ignored either, since the top Green500 is also near the top of the Top500 which is a very significant achievement. Efficiency and performance.
Back in the years of Ferrari's dominance in F1, they were recruiting a ton of Physicists and CFD experts because they had a Top500 system (even though it wasn't on the Top500, it was way up there in performance if they'd ever bothered to benchmark it).