I think there are two politically convenient roles to academia: (1) allow a country to posture about money is has to spend, case in point are EU flagships which everyone agrees is a big waste but it puts EU on the map, research wise. (2) it keeps smart, will to power people occupied far enough away from real society problems such as racism, climate change, poverty and so on, to stabilize the status quo. Imagine what would happen if people who can do 80 hour weeks churning through genetic data to generate new insights (or similar for different fields) started working in earnest on evidence driven policy change?
I think these roles are more explanatory for the funding of science than the discoveries themselves.