These sports in general provide value in the sense that many people find them worth paying for. That's the definition of value.
Now, it's true that they're not generally excited to see the #503rd ranked player in the world play the #489th ranked player. But, the top 50 players in the world were once ranked at the bottom. They played their way up.
In other words, how would you know who are the best players in the world unless you have a large pool of professional players?
Like many, I have a lot of issues with the way tennis rankings are calculated and the way prize money is distributed. You need those lower ranked players and therefore they should be paid more.