Thanks for the ping. I live in rodeo country and go to at least one a year, most years more than that. It is also a high school sport in some of the schools here.
I'll admit it is dangerous to the cowboy, but I love watching the bull riding (and the clowns who are the cowboys guardian angels). I have yet to see an animal injured, thank goodness. The animals I have seen are healthy and very well cared for.
I personally think rodeo is a lot less dangerous for the animals than some of the other sports. Horses are more frequently injured over jumps I think, and horse racing (which I love) puts way too much stress on young horses.