Much of theoretical CS is just math and has no real practical consequences. Once in a while you do encounter something useful but it’s rare.
If instead people were willing to set that hubris to the side and treat problems seriously then maybe we would see theoretical advancements be turned into empirical improvements with proper investment. Why would investment be made to operationalize theoretical advancement if the belief is that it's meaningless?
The entire reasoning of not treating these problems seriously from the start, then saying they rarely turn into empirical improvements... it all seems very self-fulfilling and circular.
And the famous Steiner tree result holds only in highly structured metrics like the Euclidean plane and some minor generalizations. For general metrics there's a lower bound of around 1.01 unless P=NP.