Blimey CalF123 - what's your problem ? 
DofE certainly isn't a waste of time. It is designed to get youngsters out of their comfort zone, and to get them trying things they might not otherwise have done. For many, yes, they do the 3, or 6 months, and then stop, but there are loads of youngsters that find a new interest and carry on with that. How is that a waste of time ?
most of the DC don't want to be there- they're being forced by parents
Undoubtedly there will be some youngsters that this is true for - I'd question 'most'. However, you can say the same for anything - sports, music lessons and so forth. That doesn't mean that the sport, or that music lessons are a waste of time though. It just means it might not be the right activity for that child, at that time. Many won't know, until they try though.
who think it'll look good on their CV when in reality unis and employers aren't interested
I agree that universities aren't interested, but I (and the CBI) will disagree with you that employers aren't. OK, not the Bronze award, but if your dc achieves their Gold award, it is considered very much a 'plus' by employers across the country.
However, many of us support our dc to do things, because they are enjoyable in themselves. I've supported my dc to do their DofE, not 'for their CVs, but because it is a challenge, and something they will feel chuffed with themselves for achieving.
The DC would be far better served doing a more personalised activity/volunteering
No idea what you are talking about here. The DofE scheme epitomises individuality and tailored programmes to suit the individual candidate. They can choose to do whatever skill and whatever volunteering programme they would like. You can't really get more personalised than that. 