I feel like this thread focuses too much on justifying hobbies based on financial returns. Not everything someone does needs to make sense on a balance sheet. I know tons of people who've blown tens of thousands on vacations, boats, cars, whatever - they've "lost" more than Phil has and if it makes them happy to do or own those things I don't see why it matters.
With Phil it matters because he's clearly ashamed of his hobby and is a bankrupt beggar to boot who spends all day wrangling tards he despises and dancing around in an autistic vest - but still, I don't think the lack of return value on the sweaty muscle men is what makes this such a sordid, embarrassing story.