Uh huh, there are loads of inventions which could arguably be perceived as not making the life of collective humanity better.
Like computers, sure, they've improved the lives of people in countries that actually have them. You can develop all the technology you want, but to a sweatshop kid it probably means that he just has to work harder with the same pay since the Internet has made the convenience of purchasing things better and thus raised the demand for whatever he produces.
If the Olympics serves as entertainment value, it actually improves someone's life. Quite a lot of "someones" actually. It's just not applicable to "humanity" as a whole. So it does depend on what part of humanity you are looking at, whether you're talking about Olympics or inventions.