So a layman like me finds it instinctively dumb for the following reasons.
If I watch the hundred meter sprint, I kind of get it. They're aiming to run super fast. It's a relatable activity. See it in the movies. Would do it if a dog is chasing you. Swimming - crocodile chasing you.
Javelin, they're chucking a spear really far - not so useful now, but I get it. People used to do that to fight or hunt.
Others, like pole vault or weight lifting or gymnastics etc, have spectacle appeal.
Now we come to fencing. I see two guys with what look somewhat like swords. A bit floppier, but I get they're not going to a real sword. They face off apart from each other. They look poised.
All of this, so far, is not dumb. I get this. This is mimicking a sword fight. Like boxing is mimicking a fist fight. I feel suspense. I am ready to see this fight play out.
Then they rush into each other and stab and get stabbed as if the swords were pool noodles.
This is now clearly a dumb activity with no real world parallel, and there's also no spectacle since they're just poking or slapping each other with floppy little sticks. Not so entertaining.
Basically, unlike say boxing, there's a distinct lack of hurt. Fight sports must include hurt of some kind to not appear dumb.
My opinion is this could be rectified quite simply - raise the costs of getting hit, until the fight looks real. If a stab to the torso meant you're out of the competition, even if you stab them first, the whole thing would adjust immediately to stop looking dumb.
So they could restructure the point system until the behaviour of the contestants was clearly trying
to avoid getting stabbed (as if that were actually painful or deadly) while trying to stab the other person.
More substantial swords that spectators can actually see would help too. Make the saber actually a saber.