for the people who pay for it, ie the countries who host it, the point is that its a massive advert over europe for tourism. some countries are desperate to host the contest. did you see how often and how much effort was put into hyping up the culture of greece, and all the advert films inbetween each song showing how sunny it is,the sun tanned bodies, the scenery etc..
to me its similar to the olympics. so much pazzaz and over the top presentation just for some people throwing afew spears and jogging around in circles. i could go and watch that at a local school sports day. but all countries are desperate to put bids in to host it. becasuse of all the toursim £££ generated . and the public like any excuse to class anything as entertainment.