Many countries and cities who have actually asked their people whether they want an Olympics in the last few years have voted no, for example Oslo in Norway and Stockholm in Sweden.
If the IOC runs out of countries willing to host it, then perhaps the host cities will be able to temper how much they want to spend on it. The Olympics don't have to be so elaborate.
Not for one moment do I think the Russian people freely chose to host the recent winter Olympics at a summer beach resort, where metric tons of ice and snow were trucked in, creating the Olympics equivalent of Kleenex in the most obvious one time use venue in recent memory. And the IOC went in on this total scam artistry too instead of having a WTF moment, so they are not just implicated, they're the ones who facilitate this nonsense. I refuse to believe Russians are proud of the abject stupidity that was the Sochi Olympics, even setting aside the rampant bribery and cheating.