If the bank creates "new money" and lends it to a business who pays it back with interest, isn't it in fact the business who has "created" the money? From this perspective, the banks are really just making bets on who they think can create value.

In reality I don't think new money benefits anyone in particular. If anything, inflation is detrimental to money holders. As alluded to in a sibling comment, this new money is distributed holistically and is for the benefit of the system itself (or a byproduct of the system, if you prefer).