We could make the same case about the space program fifty years ago, and today we have satellites that help mightily in weather prediction, navigation, and communication. The program cost a bunch, and you may argue with that space-race moon landing thing (it was less costly in lives than fighting a proxy war in Asia) but there did eventually emerge some benefits for ordinary everyday Americans.
I'm looking forward to seeing genetically engineered crops and food animals that require less pesticides/medicines as well as being able to improve them nutritionally. Human beings took a great leap towards civilization when they made domesticated creatures out of the wild ones they were living next to. I see genetic engineering as holding the same sort of promise.
Done. At least for crops. There are rice, corn and cotton cultivars that have GM capabilities to make their own insecticides, and other crops with genetic resistance to Roundup, allowing no plow cultivation.
Right now they are raising the first farm generations of pigs modified to have an enzyme in their saliva that will aid in the digestion of phosphates. This will reduce the pollution from pig poop. Phosphates in pig poop cause algae blooms that choke waterways and fish.