That is quite debatable. In fact, to think so is incredibly short-sighted with ASICs right around the corner. Maybe it's the largest cost *right now*, but are you familiar at all with the term amortization?
I mean we can use costs in $ as an indication of how many resources are being dedicated to bitcoin, can we not? You did the same by equating financial GDP with consumption.
I'm just going to make up some numbers here for second that I know are not real-world, but I that doesn't matter--as has already been explained and I will explain again in a second.
Let's say an ASIC and a GPU are both 100% guaranteed to mine bitcoin for 5 years straight and then fail. Let's say the ASIC costs $1000 and uses $1000 in electricity in that time. Total 5 year investment: $2000. Let's say a GPU costs $200 but uses $1800 in electricity. Total 5 year investment: $2000.
Your only counter-argument to this is "well the ASIC is 100x faster, it is therefore more efficient". Sure, in terms of mhash/joule, it is. In terms of resources consumed, there is no difference. All a 100x faster machine is going to do is drive up the difficulty and weed out GPUs. Now if the world were a static place, ASIC guy would win all the monies. Unfortunately for him, anyone with a computer has a built-in calculating machine that can figure out that there is a profit margin to be had by purchasing an ASIC.
Replace ASIC with "solar panel array" or whatever consumption activity that you prefer to make it sound better and you have the same thing. Resources must be consumed until there is only a small profit margin remaining from the mining system.
Your counter-argument to that is that this consumption will drive innovation (lol where's ur deflation economy now), but the innovation only drives to further consumption--expending the maximum amount of resources possible in the name of profit. Instead of acknowledging the fact that hey, maybe this is batshit, you must rationalize this epic fail in the most extreme of ways, namely hinging on the hope that oil will no longer be our dominant energy source in the near future. Pathetic.
Wishy washy, flippy floppy, bitcoin good bcuz i say so and if not good we change.