Those are fair points, particularly the point that there will e fundraising specifically for this. Still, there are only so many dollars to be had in this sport, and every dollar that goes to this could have been solicited to develop a younger athlete or draw a younger athlete into the sport. In short, I'm only going to donate so many dollars per year to various causes. If I make a donation to support masters championships, that means some other group (perhaps a youth running program) won't get a donation.
I love masters running, and while I would love to see true national and international championship masters meets on the one hand, I don't think that is the best way to allocate finite resources in a sport that is desperate for traction.
Then again, no matter what we do, Americans just don't seem to care too much about our sport, so maybe it isn't sub a bad use.