If I'm not mistaken, Lockheed and Bell are sponsoring bowl games featuring military academy teams. From an advertising standpoint, they are advertising to their markets -- and accruing the not inconsequential PR benefit of supporting the academy teams.
Totally within the realm of good business practice.
I am in marketing and private companies make stupid decisions, too. For example Castrol (owned by BP) is the “Official Motor Oil of the NFL.” If Castrol was the official motor oil of NASCAR or NHRA, it would make sense. But, whose purchasing decision for motor oil is going to be affected by an NFL sponsorship. Obviously some Castrol executives want to be wined and dined at Super Bowl.