Have you seen how much some of these tournament companies are worth? Add in the host facilities. Multiply the risk times thousands. I’m sure the MLB waiver is a little better than what these tournaments were able put together. FWIW, I personally think tournaments or any sport organization should be immune from lawsuits if you are voluntarily signing up to play. You know the risk when you agree to play.They'll get sued if a death or serious injury gets traced back to them. That could be from a player, coach, clubby, or community member. They have deep pockets.
Be rich if you want to stay out of jail. Be poor if you don't want to be sued. It's the same issue NCAA FB, BB, NFL, or any major generating sport faces.