People pay for junk all the time. Capital being spent is not an endorsement of the quality of the item it was spent on, nor evidence that it was "essential", especially given the definition of "essential" in the era of Covid-19.
There are plenty of examples of highly paid execs making poor choices, and getting rewarded well for it. Even more reason spent capital is poor evidence of quality.
And it's not like the right will continue indefinitely - if they fail in their skill they will start losing returns and losing that right (capital).