Perhaps you misunderstand. Scientists should study important _topics_ (virology, human genetics, materials science etc.), but within that, research direction should set by scientists not bureaucrats.
Many people share your view, though, and it's a shame. We have all of private industry to focus on short term benefits. Grad school is one place where the grinding expectation of immediate return-on-investment can be suspended. PhD students take low compensation hoping they can use curiosity and passion to direct their research. Increasingly, that's not the case.
>> appreciate the fact that the public is giving you grants and funding because the alternative is you get nothing.
This is cutting off the hand to spite the face. Taxpayers get an _unbelievable bargain_ for the work of PhD students and postdocs. Gutting research funding won't hurt them for long, they'll easily move on to much higher paying work, it's future society that will suffer.
I'd argue you get the best and most significant contributions to society in the long run with stable government funding of basic research. Don't believe me? Ask Steven Chu, Nobel Prize winner and energy secretary:
https://www.amacad.org/multimedia/pdfs/wsjoped.pdf