It's not the wrong investment. It's a different investment.
Other billionaires are working on some of the problems on your list, too, if that makes you feel better. The most prominent one being Bill Gates. He's working on the "we lose millions a year to disease" portion of your list. Do you hate on Bill Gates because he isn't solving world peace ("fighting wars" on your list)?
Space dominance is a multi-generational thing. It's something that will take a LONG time to figure out and perfect. If in 150 years we see an unavoidable rock hurling towards earth, there won't be time to figure out how to keep our species alive. We need to push forward now to have a chance.