What is wrong with the Olympics consisting of pretty much all sports that are popular on a global basis, regardless of whether they have other tournaments/events that are "more important" for that sport than the Olympics? Maybe your ideal of Olympics is Track and Field and Greco-Roman Wrestling, but not everyone sees it that way. I would rather see golf in the Olympics than rhythmic gymnastics, synchronized diving, fencing, moden pentathalon, weightlifting, trampolining, etc.
And has been mentioned above, in some countries Olympic sports get funding that is non-available for non-olympic sports.