I agree with you, but I've been in situations where management continues wasteful projects because they can't admit failure, can't define goals for the project, or throw good money after bad. I should have been more specific.

A personal example: At a small marketing agency, my boss insisted we needed to offer social media marketing, since "everyone's on facebook now a days." Because we were posting on behalf of clients, we didn't have the expertise to write about the goings on of their business, and often had no contacts in the client organization. We were forced to write pretty generic stuff ("happy valentine's day everybody!" or "check out this news article"). Worse, we had clients who shouldn't be on social media in the first place: plumbers, dentists, and the like. I have never seen anyone like their plumber on facebook. So naturally, these pages were ghost towns.

Yet despite having zero likes and zero traffic, clients insisted on paying someone for social media (They too had read that "everyone's on facebook") and my boss never refused a paying customer.

Want to know how it feels getting paid day in and day out to make crap content that nobody will read? Feels bad.