Why? It shows that they were willing to spend lots of resources on something risky. That's how you get progress. Risky things don't always pan out (almost by definition).
It's orders of magnitude smaller than the US government (which, yes, I also think is too big for anyone's good). But, as I recall, large American tech companies actually have budgets exceeding those of quite a few smaller states at this point.
Why? It shows that they were willing to spend lots of resources on something risky. That's how you get progress. Risky things don't always pan out (almost by definition).