I share your conflicted view of the potential good of the PFD. On the one hand, I sure take it when it comes but on the other I wonder about the policy because it encourages dead-beats to come to Alaska and have babies so they can get more annual checks.
Generally, I think the PFD creates an artificial economy; car sales go almost year 'round with offerings of using your (upcoming) PFD for a down-payment. And you are correct that our consumer-based economy means people buy a lot of stuff they don't need.
The opinion on encouraging dead-beats to come to Alaska by offering the PFD is widely shared. If they took a poll it would show that belief is common, probably even among dead-beats. I don't believe the PFD has done any actual good overall, although in particular cases it is being used wisely.
If they can pay the inflated prices and raise a child on $845.76, then bring them on. Alaska needs those type of financially responsible people.