Well, you’re shifting from a fan POV to a developer POV here.
From the developer POV, it’s not wasted time. They are getting a constant stream of money. As long as they can tread water and make their motion look like progress they have an endless source of income.
Oh as a consumer I, personally, am not touching this thing with a ten foot pole.
I think the people who do continue to fund this thing are sucked in by the dream of what it could be and have developed a kind of personal ownership of the project in their heads. They are psychologically invested in seeing it succeed and you can’t convince them it’s never going to. And the developers are cynically sucking money out of them like cult leaders.