When we're 23 trillion in debt, maybe the government should be reducing funding for low chance of return research too..

Government debt in that state's own currency is not like household debt. Frankly, we shouldn't use the word "debt" for the former.

What word do you think should be used instead?

Perhaps "Market Cap".

A country that controls a currency that is used by many people outside its own borders is analogous to a cryptocurrency with a "proof of stake" consensus algorithm in which holders of sovereign bonds are rewarded with "interest". The central bank may periodically make policy pronouncements which may be analogous to various soft and hard forks (change of interest rate -> change of mining reward) which may impact the valuation relative to other currencies. Certain countries/currencies have a very long track record of not having very many "zero day vulnerabilities" and are therefore highly trusted and a first choice whenever there is a "flight to safety" (when panic strikes and there is demand for "safe" investments).

oh, I didn't have one mind! I guess I'm solicitation alternatives :)

Pharma does this all the time

Pharma does this because they're almost guaranteed monopolistic control over their research which means that not only does it not return to the public benefit but it also means big pharma will prioritize profitable research over things like drugs for obscure diseases or small markets.

As an aside, it's a shame posts like the OP get flagged. It's somewhat ironic on a site that encourages curiosity and scientific endeavors that you can't discuss the hollowing out of public scientific institutions.