I cynically thought that the massive overspending was the reason it exists at this point, hosting the Olympics being one big money laundering operation to give

I cynically thought that the massive overspending was the reason it exists at this point, hosting the Olympics being one big money laundering operation to give an excuse to take out loans and pay the connected without even having to fit your graft into a normal budget. That so many kleptocrats want to host is a further strong hint. Which cynically might be the real reason behind the push for reduced building, it becoming an embarrassment like FIFA's corruption scandals from nearly a decade ago.