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.
Horses and bulls we use for sport are at risk of some injury in any sport. The level of activity in rodeo is as risky as any other, no more, no less, probably.