"As of the year 2000, the National Oceanic and Atmospheric Administration (NOAA) estimated that as much as 95 percent of the world's oceans and 99 percent of the ocean floor are unexplored." (Live Science)
We are spending more money on frivolous projects that does nothing for the benefit of society, but only to feed speculation, while 95-99% of the world's oceans are still unexplored? We are still discovering new species of animals and insects, not including those found in the ocean. The efforts and hype should be aimed at better understanding our own planet in my opinion...
The technological advances that came/come from the Space Program are things that significantly improve the quality of all of our lives.
Satellites are needed for world wide communication and weather predictions
Things like Teflon, CAT Scans, industrial tools (like the jaws of life) and other inventions too numerous to mention come from the Space Program...
Let me try another tact...
THe World GDP is estimated to be around 107 Trillion dollars.
On an annual basis, world wide space exploration and space related Programs, R&D, and Exploration is less than 1/10th of 1% of that. In the US we spend roughly $21-ish billion on space and around $100 billion on porn...
So Elon Musk taking a fraction of the money we blow on porn and trying to advance the entirety of mankind is not a trivial or bad investment.
I could list a 100 things that we as a species spend money on that isn't near as noble as what Elon Musk is trying to do. Especially that there is an actual chance that his efforts will one day save us as a species.
Think about that. Let's say that there is a 0.0001% chance that Elon Musk's efforts will save the entire human species. Wouldn't that easily be justification enough for him to go ahead and invest in space? Not to mention that there is actual money and profit to be made in space. There are quite literally Trillions of dollars to be had in Space. And I'm not just talking Space Tourism.
We have reached the point in our technological development in which it would actually be cheaper to manufacture high tech items in space. HIgh tech items require cleanrooms, cleanrooms cost thousands of dollars per square foot per day to maintain. Similarly, there are high tech biotechnologies that would be easier to do in space (like petri dish organ growth)...
In any event, you should do some research on this topic.