It's a waste of money because you already know that looks matter for adolescents? The study demonstrates that it can affect the life course, which in itself probably justifies the cost. If, for example, it were to lead to dress codes or more complicated, less oppressive ideas for reducing teen depression, underage drinking, the avoidance of "uncool" hobbies such as science, and so on, how could that not be good?
Do people want to be honest about why they dislike the idea of researching the ramifications of attractiveness?