What is Islamically wrong with the Olympics?

Hosting the Olympics is the modern day version of lowering ones garments below the ankles during the time of the Prophet (saw). The Arabs of Mecca lived in a city that only existed through trade, via the pilgrimage, yet the wealthy amongst them attempted to flaunt their wealth and thus their status by lowering their garments allowing them to drag in the dirty on the ground. It was an indication that certain individuals had such wealth that they could afford to waste precious material. And so they'd walk around in pride while trailing their garments in dirt. In the same way when a country believes it's achieved wealth and status they want to flaunt it with a vanity project. Hence the Olympics aren't about sport, legacy or development. They are about projecting a nation's status and wealth. This is why Rio sought after and hosted both the World Cup and the Olympic Games. At the time they were known to be part of the BRIC countries. The emerging economies of Brazil Russia India and China. However Brazil's rapid growth was built on capitalist principles, so not only did they see increase in wealth as GDP but also greater disparity between the rich and the poor. Not only this but as we've seen in rapidly growing economies under capitalism this initial period of growth is followed by a sharp and prolonged period of decline. Brazil in its attempts to project wealth and status mimic the quraish walking around trailing their garments out of pride and arrogance they only project vanity but in reality mask a shallow and inherently weak system.