I dunno, I've enjoyed stuff like the USA ladies winning the 4X100 metres final in a new record time and Kenyan David Rudisha's pioneering 800 metre run.
It undermines the individual dedication that many of these athletes that are just proud to take part to use a cynical and hackneyed argument like the one above against it.
As far as doping goes there are as many free-willed western athletes that cheat as there are those from regimes that have tried to gain prestige from appearing at the games in the past. The chances of anyone getting away with stuff like that have also been greatly diminished.
Money also plays a part but it doesn't guarantee success. Britain recently has funded much sport through the national lottery which means it is of no cost to the taxpayer (aside from the huge costs involved in staging a once in a lifetime event like this) and yet it promotes healthier lifestyles for those thousands wanting to emulate the heroes that are show-cased in games like these. Those results have shown up not only in increased rankings in the medals tables but also in the national interest in fitness as part of the lifestyle, more people go out jogging and riding their bikes and less are clogging up the arteries of the health service.
It's easy to be cynical but it's very hard to devote a great deal of time to achieve the very peak of your individual capability once every 4 years and show the world you truly are the best at what you do. That is the motivation of the huge majority of the competitors at the Olympics wherever it is staged and regardless of the nation they come from or even the outcome of the events they take part in.
Success promotes success, and because of that there will always be those few that scoff.
I also observe those that do scoff at Olympic sports are often the ones who are quite content to watch pro-players week in, week out hunched in front of a TV on a diet of beer and take-away food and cheer on prima-donnas without questioning the fact that they earn more in a week than most of us will ever accumulate in life-savings.
It sure is a funny old game.