Causing the speeding car to go out of control is also not a great thing for public safety, and does kill and cripple people who are in no way involved in these chases. We have jurisdictions with no-chase rules and it doesn’t seem to cause some hypothesized explosion in crime. It is in-fact ok to not do them, as satisfying as they might feel.
You can imagine some kind of built in remote kill switch, but I can't see that being advocated here.
Fortunately in USA we have many state jurisdictions to choose from so we can each live under the sort of laws that suit us best!
The factual outcomes almost don't matter; what matters is perception among the masses. For example, if people largely believe that shoplifting is not prosecuted in a city, and they see shoplifting occur, it is extremely depressing, even if they see the person arrested. It's demoralizing. It also probably leads to more attempts at shoplifting overall. I use this example because it's common enough in a few cities.
High speed chases are rare, so it's not as immediately obvious. But if people see on the news two stories, "man kills woman, cops are there, he flees in car, high speed chase, crashes into innocent bystander killing self and them" versus "man kills woman, cops are there, he flees in car, police arent allowed to chase him so he is currently at large, but they are trying to track him by other means", the latter is far more demoralizing, makes one lose faith in society and the rule of law, makes one less proud of their culture, etc etc. This is a serious effect over time.
At some level, society needs to believe that bad behaviors are punished and that good guys are trying their best to stop bad guys. This is very important to a functioning society. When people stop believing that, culture declines rapidly. Even if the utilitarian outcome is slightly better when not stopping bad guys sometimes (e.g. not prosecuting the previous president even if you could), it's usually not worth the resultant demoralization.
(And of course it's not a strict either/or as well: you can have a rules of engagement for such things. e.g. in the UK the police are not blanket banned from pursuing a fleeing vehicle, but they need to have had appropriate training and do so only in particular circumstances)
A certain segment of the public, plus cops themselves (having significant overlap with that segment), love it though, because they enjoy seeing non-compliance met with life-endangering levels of force and can't understand why any of us wouldn't enjoy it unless we want more crime or something.
So a bunch of suspects who weren't, car chase aside, any imminent danger to anyone, and their possibly-unwilling passengers, end up dead or life-alteringly injured... and so do plenty of people who had nothing to do with any of it. Often over what was originally just e.g. property crime.