Not really because you learn about a lot of cool stuff on some of the shows. I like when they get info on the different stuff on "Storage Wars" and a lot of people like "Pawn Stars" for the same reason. I used to do the storage bin auction bit so it brings back memories for me.
Waste of time is in the eye of the beholder. It is a hobby, then maybe not a waste of time, but something contrived isn’t really representative of what I’d call an open opportunity for learning and enjoyment.
Producers love them because of the attention grabbing potential coupled with dozens of ‘hanger moments” that keep the viewer on station throughout the interminable commercials.