It’s not just 8bit and 16bit games though. Everything up to the GameCube can benefit from a CRT. Resident Evil 4 looks insanely better on a CRT to the point that if you are not playing on a CRT, you are playing it wrong.
I find that LCD monitors can display incoming image data on the panel as it's being received (taking slow-motion video captures of a LCD next to a CRT both fed with a VGA distribution amp), but HDTVs generally add one or more frames of latency from image processing (for the TVs I've used, even in game mode). It's possible speedrunners still like CRT TVs because they don't suffer from pixel transition time (possibly lower on gaming and especially OLED monitors), don't require (often laggy) transcoding/scaling 480i/p video to VGA or HDMI, or because they generally don't have the off-chance that a particular monitor has image processing lag.
Also the game famous for competitive CRT tournaments is Melee rather than Brawl.
