Earlier quoted context omitted.
Is it a hobby because they like doing it?
What is the economic output? Entertainment as far as I can tell. For a few days every four years. That's not a good return on the time invested. If it's a hobby then there's no expected return, so it feels closer to that. I don't begrudge them, and would be in favour of a sensible fixed amount of federal funding, but it ain't a job.
The tv rights and advertising sell for billions. In person ticket sales in the 100's of millions.
The economic output is the same as all the other sports, theatres, movies, television, museums, landmarks and royal families.