In the sense that it is useless for society, by extracting the collective's wealth while providing no net benefits.

By that logic, would you say that Bernie Madoff's enterprise was useful, as it made him rich?

If it makes someone rich at a high cost to others without adding any value whatsoever then it is useless.

In light of the massive energy consumption it may be worse than useless.

Compare romance scams, authorise push payment fraud, and ponzi schemes.

All of these make someone rich, and all are negative sums, being in fact worse than useless.