The purpose is to pay homage to the Gedolim, and let all know that the only way to Olam Haba is to follow the Gedolim (specificly my Gadol, not yours. Certainly not the MO YU “professors”).
Give me a break. MO do not follow their own “gedolim” either. It is a basic tenet of current MO philosophy that rabbis have no reason to follow other rabbis who know more torah than they do.