Wow, this is fascinating. I can picture all you guys with pipes and wearing tweed caps and going "harrrumph"
The bottom line is that drifting is a competitive sport. Like just about every competitive sport in the world, it's based on a number of things, not least of which is skill.
And like just about every competitive sport in the world, it serves no useful purpose.
So like just about every competitive sport in the world, that brings it down to enjoyment for the competitor and entertainment for the fans. Since it obviously has that, I don't see the problem.
It's not something I find particularly entertaining, but the amount of spectators that these kind of events get pretty much speaks for itself in a time when your average club race meeting is lucky to get a couple of hundred people through the gate. It's also rapidly attracting large sponsorship deals as a result.
A forward thinking view would be looking at having a drifting round included in a normal race meeting in order to bring in new spectators who may then become interested in the circuit racing as well - and bring the sponsors in with them.....