Just because you've never been in a situation to care about the benefit they are offering, does not mean it's not valuable.
And the position "you need a good excuse to have overly specific software" is extremely strange.
If some computation is "useless" but it serves it's purpose, it's not useless.
The reason why bitcoin network expends so much energy is down to tokenomics, not the system of PoW itself. At equilibrium we expect the power usage to be (blocks/hr) x (BTC/block) x ($/BTC) x (kWh/$), so it's a function of the BTC price and emission rate.
PoW in other context has way different driving factors. In this case, the marginal improvement of fetching the site again for AI bots isn't enough to cover the PoW cost. The PoW cost is outweighed by the net bandwidth cost of all the parties.
I think we have to expand the definition of stupid to include things that work but have net negative externalities. Not sure where PoW falls in that way of looking at things, but we should at least consider it.
(Thinking about it, Captcha is PoW, just theoretically work by the human)
In any case, according to some napkin math done by Kimi 2.6 (which by itself is probably already consuming more than all of my PoW challenges for the upcoming 5 years) - the situation looks incredibly in favor of PoW: https://www.kimi.com/share/19e7ef40-a432-8912-8000-0000b4a71...
Which makes me wonder why CloudFlare isn't switching to this already