And there's enough ambiguity in it that it's easy for the operator to believe it helps. Like a dowser with their rods, a clergyman with a holy book or an astrologist with a horoscope. That gives them the power boost of sincerity.
You're saying "of course it isn't" - but how do you know that?
At the time the Soviets had the same sort of projects. So until you're sure it's not possible, the potential capability is an enormous threat if it is.
How they went about that research is where the waste creeps in.
> Brigadier General Dean Hopgood: Yes sir. But now that they are doing psy-research, we're gonna have to do psy-research, sir. We can't afford to have the Russian's leading the field in the paranormal.
Source: The Men Who Stare at Goats
It was a giant waste of time and money and, this being the CIA, it likely harmed many people.