It's a competition to determine which country will lavish the most money on the IOC and offer the most expensive facilities. Then four years later the facilities stand empty and useless and another one is constructed in a different major city.
Firaxis has captured the spirit of it almost perfectly.
I live down the road from our main Olympic venues and use them every couple of weeks min, Our Stadiums and facilities are in constant use (we qualified for the World cup last night at the ex Olympic Stadium) I have friends who live in places that used to house the German Rowing squad, a few months ago they held the junior games events and I went along to lots for nothing. Basically I get a benefit from those games every week of my life. Your cynical post shows a massive lack of understanding of the benefits from the games if they are well run and the venues well designed.