Is this a globally significant wasted funding? If not, it sounds like a reasonable idea to try something new from time to time. Worst case, some project trial fails and we learn a new failure mode / limitation. Best case, we get a new reliable power source.
Oh certainly!
But funding is always finite. Unless some radical new wave/tidal technique comes to light (and it hasn't, yet!), then the project funding would surely be better directed to other renewable energy sources.
The cynic in me says wave/tidal projects based on existing technologies (shown to perform or scale poorly) are simply to grab funding for green energy projects. The Swansea Tidal Lagoon fiasco is a classic example.
I am no longer confident in this seeming obvious statement, our ability to pump money into unproductive assets appears to be infinite, looking at the surging realestate prices, shares and crypto