What shouldn't exist is the insane expense and political/financial backroom weirdness. Local taxpayers shouldn't be burdened with decades of debt for facilities that may never be used again.
Build a permanent setup in Athens and be done with it or have inflatable stadiums that go from country to country.
Sure, sport is nice and will always exist, and there's nothing wrong with private sponsorship. It's the sponsorship which wrecks the whole thing. I guess tennis has passed that level. There's Wimbledon or the french open, there are great shows where hardly anyone cares about the citizenship of the players.