It certainly isn't waste of money for some of us...

Any Aussie who travelled to the US (in particular) without travel insurance that included very high (unlimited preferably) medical cover for one would be a twit. Cover for aeromedical evacuation.. likewise.. Liability... likewise.

If you simply meant cancellation insurance then yes, I tend to agree....

The cover I buy (religiously!) for my US trips includes that... but I buy it for the other coverages...