Of course it's not a waste of money if the person buying it/using the service derives pleasure out of it commensurate with the cost to them.
For me, an expensive meal in a Michelin restaurant WOULD be a waste of money as fancy food/restaurants simply isn't my thing, just as a trip to watch the Opera in London isn't my thing. But to others, it most certainly ISN'T a waste of money if it's what they enjoy.
Before marriage and having a family, we splashed the cash on holidays, including Canada, USA, Mexico, Egypt, Israel, Kenyan safari, etc - it was "worth it" to us as it was the only time we got quality time together. I know people thought we were mad to spend so much money, but for us we never thought it was a waste of money due to the pleasure we derived from it.
A few years ago, we bought the most expensive car we've ever bought. Previously we've always bought "mid range" cars from bog-standard manufacturers, but for once, we pushed the boat out and bought a car that's probably three times as expensive (in real terms) as we'd ever bought before. In our younger years, we'd definitely have thought it a waste of money as when we were young and struggling with a mortgage and child, we simply couldn't have justified it. Now, mortgage paid off, still working hard in our professions, son left uni/home and has his own life/job, we have the "spare" funds and blow some of our savings on our "nice" car. It's definitely "worth it" to us - we derive pleasure just looking at it on the drive, washing it, etc. Ask me 30 years ago and I'd have said it was a waste of money. It isn't now. It'll last us out as we usually make our cars last 15-20 years! For us a drive out in our "nice" car is worth more to us that a Michelin restaurant meal, etc.
Now what IS a waste of money is not shopping around for things where you could get an identical item for less money, yet lots of people don't seem to care and buy whatever they want, whenever and wherever they like, i.e. not shopping around, not using comparison websites etc. I suppose they could say they're getting more pleasure by using the time in a different way, i.e. having fun rather than spending half an hour on a comparison site. It's all relevant to the person really.