When you have a line to an apparently unlimited line of credit, the practices are going to be wasteful because of perverse incentives (at the NIH they have glassware-breaking parties at the end of spending cycles to use up their budget because if they come underbudget they are at risk of having it reduced) and you are going squeeze out private (non-profit) competition.
Sure, there is a lot of esoteric stuff being done. Catfish genomics, characterizing motor proteins of archaea, etc. I can't speak for every research team or every goal. Yes, we could better coordinate and collectively strive for greater human societal objectives. But then a lot of feet would get stepped on. Who knows if some "pointless" research project may wind up saving us?
Considering your karma and how long you've been here I'm surprised I need to tell you this.
I don't even know why they're so important other than a vague "moar knowledge mean moar technology!"