I know this because I spent a lot of social time around a Math dept in grad school and many of them are moonlighting working for subcontractors on production and evaluation of training data [1].
Anyways, mathematics is a bit of a funny discipline... some buckets:
There are lots of obvious cases where progress has obvious applications for incremental progress, and where you can ask for novel math from the perspective of the application or ask for applications from the perspective of novel math. That seems like the sort of thing that you could throw $10M at get something valuable without much human input. I do this, at much much much smaller dollar amounts, pretty regularly, and with open models, so nothing secret/sota/etc.
But there are also lots of cases where some progress gets made on something very pure and esoteric and the implications aren't really clear. Those are cases where just asking a bunch of nerds to marinate on it while interacting with a messy world in the full social generality of a modern university could make a lot of sense. The connection between the four color theorem and register allocation, for example, feels very... hard to do without humans free-associating in a diverse academic environment.
And, at last, there are cases where there are subfields or problems that are big and important in the way that driving a rare car or wearing a particularly fascinating rolex is important. Some of modern mathematics feels like it has its cultural roots in intellectual gamesmanship amongst wealthy gentleman and/or those under their patronage. A lot of the... less well-argued... objections come from this set.
Like I said, math is kind of a uniquely weird discipline. It's got aspects of practical gritty science, noblesse oblige/high-culture, fashion/taste, craftsmanship, tutelage, and so on.
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[1] Some enterprising journalist should track down all the subcontractors used by OpenAI for mathematics data, then talk to all of those people and figure out how much breakthrough-adjacent data work was happening... pure conspiracy but I'd be curious for someone to explore the hypothesis that there were maybe people helping find fragments here and there and it wasn't all purely mechanical monkeying.