I live in Bradford, so am used to people on drugs passing me at speed. However, surely this is like anything else you haven't tried, if you haven't tried it, don't knock it.
I can see how watching elite athletes do their thing in the flesh might be enjoyable' its like what we all do going to rugby isn't it? Those not particularly interested in the sport might nevertheless make a very good day out out of it, if you pick the right spot. Those interested won't just watch the cyclists whiz by, they will have access to radio and in many cases video of the event and watching them go past just adds to that. I'm sure there'll be places with big screens here and there too.
Someone mentioned horseracing, but if you want to, you can make a potted summary of most any sport or pastime sound absurd, but as a frequent attender of race meeting, in reality it isn't remotely like that, it is a fantastic day out, and that's why thousands of people are attracted to it, especially the major events.
Millions watched the Tour de Yorkshire last time and it was a boon for businesses on the route. Each to their own, but I certainly aren't going to knock something that millions in Yorkshire clearly actively support.