It is not a waste of money because countries are able to showcase their athletes
No.
it can be but if it brings people together
Olympics is not a waste of money because is giving the country something to be proud of.
From tax payers and business. From the taxpayer because they have no choice and from business because they hope to make a profit from it.
There are lot of people in the world starving without food, so without wasting money on Olympics they can help the poor.