The wastefulness is a designed feature, not a bug. The IOC is a corrupt organization, working hand-in-hand with corrupt governments, to put public money into private pockets in a plausibly deniable way.

As such, any proposal based upon rational analysis and sound engineering must be rejected out of hand, because it does not account for kickbacks, baksheesh, palm-greasing, boondoggles, junkets, tribute, or straight bribery.

Once you adopt this view, the Olympics work perfectly, year after year, without fail. The public still benefits, because ordinarily corruption and profiteering of that magnitude requires a war, which can at times get out of hand.