Our industry has a long history of that kind of waste. Exhibit A is the dot-com bubble, but there are plenty of modern failures too. If we want to maximize innovation, we cannot be too suspicious of novelty, but we also can't let it blind us.
I'm not saying that there isn't anything. Just that new efforts should be making new mistakes.
(Also, the reason to use investment lingo is that investment is the field that specializes in examining cost-benefit tradeoffs for resource usage that hopefully leads to human benefit.)
And if we are going to demand evidence of critics, I think we should also demand evidence of promoters of things like this, who often seem guided by a Big Idea rather than any evidence of user needs or proven ability to solve those user needs.