There's a third one, in which I believe - that bullshit jobs provide negative value by using up natural resources and man hours that could be put to a better use.
A typical example would be political campaigns and/or advertising in highly competitive sectors - all work done there serves only to cancel out the work done by other people, thus creating a negative feedback loop that can consume infinite amount of resources for little marginal gain. Think about how much time, paper, paint and fuel is wasted printing leaflets and billboards and notice that if everyone collectively agreed not to do this, the results would be the same.