Yes, the core of Monkey Ball is Challenge Mode. Completing sets of 10, 30, or 50 stages depending on the difficulty. Monkey Ball was originally an arcade game, and its GameCube counterparts hold true to that. They even have scores and leaderboards.
The newest game, Banana Rumble, doesn't have a challenge mode, and my mind is boggled at the thought.
To be fair, points have been a thing since even the original. You could buy extra continues if you ran out of lives (permanently) and in SMB2, you could actually buy lives permanently capping at 99. They never had a cosmetic storefront though.