2 hours? What's the point? It could be 0 minutes with a 0% explosion rate and the total travel time would probably be longer.
The point is reduced fuel use and faster response times (either emergencies or warfare). Maintaining a detonation (as opposed to deflagration) is quite a technical challenge. If nothing else, it pushes mechanical engineering and material science forward.
Of course, hypersonic transport would not be as efficient as a satellite, but still, at 100k feet, for example, you can go 5000km/h while only consuming the same amount of fuel that you would use to go 300km/h at sea level. The potential for efficiency gains are huge, and the fuel cost of getting to altitude is mostly returned in the descent.
Of course, the technical challenges are also huge, so I don’t expect to see hypersonic airliners any time soon, but when we do get them, they could easily be 6-7x as efficient as existing transports. And it would be nice to have long haul flights be 3x as fast or faster.
People mistakenly assume that this kind of travel only has applications for the military or the elites, and, like air travel in general, that will probably be initially true. But after the rich and the government foots the bill in lives and research to make it safe and economical, it should hold huge gains for society at large.
Science and engineering is one of the only cases where trickle down economics actually kind of works. In knowledge, a rising tide really does lift all boats.