I feel like a lot of it, at least for college teams with a limited budget, depends on the cost of travel and amount of compensation we can get from our school/the competition. I recall Warrior covering a lot of expenses (like hotel rooms) for teams that come from out of town, which was really helpful and allowed us (CMU) to go for the past couple years.
The location itself makes a difference too. If a competition is close to home, it's nice to be able to have my family come and watch me perform.
In general, I'm down to travel far for a competition as long as it doesn't disturb everything else (school) too much and is reasonable cost-wise. But depending on the line-up, I'm down to make exceptions.