1. This is a common criticism, but probably shouldn't be. It would be nice if the activity of folding proteins offered the same proof-of-work, security attributes as, for example SHA256, but sadly it doesn't. As in all systems there are engineering tradeoffs involved and the mining functionality of a cryptocurrency, which literally secures that network, should probably choose the security-first sides of any tradeoff. Additionally, if the network has "value" (however you might like to define it...they clearly do as denominated in USD), then the activity of securing that value should not be considered a "waste", even if it doesn't also provide some other, secondary value.

2. As in any market, the early risk-takers (who, by virtue of being early in an unproven market, are also the biggest risk-takers) will be those granted the biggest reward if they are "right" (the market/product has value).