In the theory of fractals via iterated function systems, it is well-known that an IFS $\{f_i\}_{i=1}^n$ (being a finite collection of contractions defined on a metric space $X$) induces a single map $F$ on the hyperspace $\mathbb{H}$ of nonempty compact subsets of $X$, where
$$F(A) = \bigcup_{i=1}^n f_i(A) $$
Furthermore, $F$ will be a contraction on $\mathbb{H}$ as measured by the Hausdorff distance $\rho$.
Now since we can get contractions on $\mathbb{H}$ this way, you could ask if all contractions on $\mathbb{H}$ are the result of some IFS on $X$. The answer is pretty clearly no -- if $X = \mathbb{R}$, then we can define a constant function $F : \mathbb{H} \to \mathbb{H}$ by taking $F(A) = [0, 1]$ for all $A \in \mathbb{H}$. This function can't be the result of an IFS on $X$ because for any singleton set $\{x\}$, $F(\{x\}) = [0, 1]$, whereas functions on $\mathbb{H}$ that come from an IFS will necessarily map finite sets to finite sets.
However this constant map $F$ can be written in terms of a Big Iterated Function System, meaning a potentially infinite collection of contractions. All we have to do is take the family
$$\{ f_r(x) = r \; : \; r \in [0, 1] \}$$
Of course, although an IFS is guaranteed to define a map on $\mathbb{H}$, a BIFS is not. The above example, but parameterized on $r \in (0, 1)$, does not map compact sets to compact sets.
Now here is the question that I haven't been able to answer. Suppose you have a BIFS which does induce a map on $\mathbb{H}$. Will the resulting map necessarily be a contraction?
One of my students gave a good counterexample. If the ambient space is $\mathbb{R}$ under the usual metric, here's a BIFS that that induces a map on $\mathbb{H}$, but where the map is not a contraction.
Define $f_0(x) = 0$, and for any $n \geq 1$, define
$$ f_n(x) = \left\{ \begin{array}{ccc} 0 & & x \leq 0 \\ \\ \frac{1}{2}x & & 0 < x \leq 1 \\ \\ \frac{2}{3}x + c_2 & & 1 < x \leq 2 \\ \\ \cdots & & \cdots \\ \\ \frac{n-1}{n}x + c_{n-1} & & n-2 < x \leq n-1 \\ \\ \frac{n}{n+1}x + c_n & & x > n-1 \end{array} \right. $$
Here the constants $c_n$ are selected to make each $f_n$ continuous. We need to observe three facts:
1) Each $f_n$ is a contraction
2) The collection $\{f_n\}_{n \in \mathbb{N}}$ defines a map $F : \mathbb{H} \to \mathbb{H}$ given by $$F(A) = \bigcup_{n \in \mathbb{N}} f_n(A) $$ This is because any compact set in $\mathbb{R}$ is contained in a compact interval, and over any compact interval the behavior of $F$ is determined by finitely many of the $f_n$'s.
3) $F$ is not a contraction on $\mathbb{H}$, since as $n \to \infty$,
$$ \rho\left( \{n\}, \{n+1\} \right) \to 1 $$
where $\rho$ is the Hausdorff metric on $\mathbb{H}$.