My view is that I've long defended the Bowls and the BCS (which was a two team playoff). A large part of it is because the bowls give your team the chance to end the season with a meaningful win and a championship.
Obviously, I think 42 bowls/championships is a bit too much. There's one thing in being the Orange Bowl champions or Sun Bowl Champions. It's another thing to try to claim a Compass Bowl or Taxslayer.com championship.
That said, no one is forcing anyone to watch these things. And apparently the market is there.