in general bounty programs and airdrops can both give away crypto for free, and I think this is a very effective way to get prizes that can make you rich, but since the crypto market is in a prolonged bear market method, very much Bounty participants stop for a moment, because bounties and airdrops have no potential and certainty at all, and prefer to buy coins to invest.
I see what you are saying but I think you are being a bit myopic. You should be accumulating as much crypto as possible during the bear market, whether you are buying it or participating in airdrops or bounties like the CNDL one. In a bull market you can easily see your investments 10x. What seems like a little right now, a 500 usd bounty reward for example, could easily turn into 5k usd in a bull market. So no, I don't think its a waste of time if you find the right projects. Just take a minute to research before you sign up for anything.