Its a bit like those big military displays that some countries like, to demonstrate your countries wealth and power. Only with less implied threat.
All countries do it. Only ours does it with a silly gold coach, oversized twinkly hats and some rather daft costumes. The way we do it shows we are wealthy and secure enough to enjoy our eccentricity. I like it.
I also like capable healthcare, a good standard of living for all and am very keen on a successful education system. There are other areas of wastage that I would attack first, that bring no benefit, financial or otherwise.