Each to their own, let those who enjoy it do and those who don't have, I'm sure, plenty of other ways to keep them occupied.
I think it's nice to have some good history, hear about celebration and such and get some community spirit going, let alone the hopeful boost to economy and tourism and people out spending - 4 day weekend for many, lifing the nation's mood and generating sales.
Like the Royal Wedding last year, I went and watched it on a local outdoor big screen and it was a fantastic occasion, people out enjoying themselves, spending and boosting the economy and just having something nice to celebrate over all the doom and gloom we are bombarded with most days.