I am highly doubting the Olympics have positively affected MOST of the six (7?) billion inhabitants of the world. Instead, I see it as a wasted opportunity to help impoverished lives via medicine or just clean water. I can't imagine any of the three thousand children who die EVERY day from malnutrition as really being positively impacted by any country hosting the Olympics.
Explain to me how we would be able to raise the money to help these impoverished lives? Reality suggests that humans dont simply hand over their financial resources to help anyone...at least not on a grand scale. Sponsoring art or sport, however, gathers quite a few more donors.
How would the human race and human experience suffer if the olympics were canceled?
Perhaps not a lot, on a global scale. But if evry sporting event were cancelled and people had no diversions, I seriously doubt if we would simply spend money feeding people.