That's a false premise. The "purpose" of capital markets isn't to "serve society" any more so than the "purpose" of restaurants is to "serve food". Restaurants (and any other businesses for that matter) exist to generate profits. They merely satisfy that goal by serving food, but it could be done a million other ways.

The stock market exists not because of some idealized goal of serving society, but because companies want to sell partial ownership and transfer risk from themselves to the public in exchange for potential future returns on that investment. Anyone member of the public who purchases stock in a company should understand that agreement. It also has secondary benefits like providing liquidity for employees, etc., but the New York Stock Exchange wasn't founded with that purpose in mind. In other words, the stock market doesn't owe you anything.

That point aside, could you clarify how HFT hurts you? If your goal is to use stock markets as an investment vehicle, then your time horizon should be on the order of months and years, not seconds. If that's the case, then HFT has no impact on you whatsoever. If you do want to play in the second time range, then my analogy with F1 racing is perfectly applicable and there's no justification for your complaint.