Not everyone considers this contest as a worthy sport, but I watch it with interest (as an old sea-dog). More than that, it is good for the boating industry as new designs are tried and the boats are pushed to the limit. It didn't hurt NZ tourism either when NZ was the defender and the racing was held at Auckland. Some say it is a rich man's sport, but it is no different to any international sport. The sailors started long ago in P class yachts and worked their way up.
Besides, punters love a bit of controversy in sport, and the America's Cup certainly does not disappoint in this regard.