I think the mindset here is that nothing is wasteful that serves a purpose. Sure, if you always play the latest games, and you always want maximum graphical settings, and/or you already have a 3060 or something better, then sure, the 4060 is wasteful. But if you're upgrading from a 1060, and just want to play current games (that is, you're not interested in new releases), and/or you don't mind turning texture resolution down a notch, and the 4060 isn't more expensive than the 3060, then I see the point behind it.
Similarly to the way the Radeon RX 7600 isn't meant for people who have a 6600 XT or better, the 4060 won't be an upgrade path for Ampere owners, either. It'll have to be reflected in its price, though.