I'd rather blow my brains out than watch people play sports.
That said, some of-who am I kidding?- MANY of my closest loved ones would rather blow THEIR brains out than play my favorite video games. I think video games will be instrumental to humanity's artistic future, but I don't really mind. Why? Everyone has their own preferences they can't control. I'll never watch a baseball game with my dad unless its in a stadium (hey, I like the hotdogs), but he'll never play a round of league of legends with me. I have no right to detest anyone for that.
And even with my affliction of extreme boredom whilst watching sports, I applaud the olympics for its stated goal of breeding international brotherhood and sportsmanship. Even if it doesn't do that in quite as practical a way as we'd like it to, the symbol of the olympics is still very important.
I also feel it's extremely important as a way to give people who devote their lives to a discipline the rewards they deserve.