I've been smoking multiple blunts a day for years. To the point where I only taste the bud, not the leaf. I've rolled tens of thousands of blunts, and have gotten it down to an artform. I insist on rolling the blunt in a group so I know it won't be a soggy piece of garbage.
I'll admit I spend far too much on Dutches. Part of the reason I got the MFLB. Pays for itself after 50 blunts worth have been vaped. Plus the taste of the weed is even clearer than in a bong.
That said, I still love blunts. I smoke them way more than I vape. They are almost like a ceremony. The activity of smoking a blunt with people is as valued an experience as the high itself in my opinion. They burn slow, are easily passed and are so much smoother than joint paper is, again in my opinion.
As for being a waste of weed, all forms of smoking weed are wasteful. If you are more concerned with economy than the enjoyment of smoking, get a vape. Hands down the most conservative option.