There is a lot of over-the-counter and even some prescription medicine that don't do much at all for what people take them for, and homeopathy is cheaper and less harmful for the same placebo effect. Cold medicine in particular is known for its dubious efficiency.

No medication is even cheaper, but the placebo effect works, so if people were to take something, might as well have them take something cheap and harmless. In my opinion, it doesn't justify supporting homeopathy, but health insurances may see it differently.

Placebos are an interesting ethical issue. Doctors are not supposed to deceive you, they are people you trust with your life and very personal issues and they are therefore held to very high standards. But even if it is for your own good, the placebo effect is based on deception, so is it ethical for a doctor to give you a placebo? And is fake science that still help people ethical? The consensus seems to be "no" for both and I tend to agree, but I still think it is worth debating.