This is a great example of why a good hacker should work in public service.
Why bother working for an environmental non-profit when you can make many orders of magnitude more difference by founding Tesla Motors or Nanosolar
Because an environmental non-profit might make immediate changes that save people's lives. A non-profit might put enough pressure on a company to stop polluting groundwater or destroying fragile ecosystems. With Tesla you'll help rich people use less gas.
Why campaign for privacy when you can write PGP or Tor
Because PGP and Tor are used by computer nerds and edge cases, but privacy legislation is used by everyone.
Why work as a fundraiser when you could build Kiva or Watsi
Either way you're fundraising. You could work as a fundraiser for a political appointee, and they could get elected to office and change how the entire country works. Or you could fund a lot of tiny things.
None of these things are a waste. There's no reason to do one over another other than personal preference. And nobody said a 'good hacker' was obliged to save the world (and oh, the hubris of thinking they could!).
Sometimes being the one guy who does want to do public service makes the difference, because all the other 'good hackers' are more concerned with one solution that will solve all the world's problems (which never happens) and making a quick buck.