Again, I'll accept your premise for the sake of debate (which I welcome, and sincerely thank you for doing so respectfully).
Let me try to rephrase where I am coming from. I'm going to accept there is a good argument that some science funding should be redirected towards theoretical physicists pursuing alternate approaches.
1. The focus towards this matter in online media circles is vastly disproportionate to the relative impact this has on anyone's life compared to the multitude of other intra-silo disputes across the federal budget. It's not irrelevant to the conversation or at least my subsection of the conversation. It is interesting to me what debates burst through the noise and get traction outside of their own little world. Maybe 1% of the people debating string theory online actually understand a micro-fraction of this stuff. To be clear, I don't claim to be in that 1%. I'm interested in how that happened and the cultural+platform reasons for it. I'm interested in why alongside those genuinely interested in alternative approaches to theoretical physics this topic attracts tons of people who just lump it in with their "they are all lying to you" worldview. Nothing this obscure, incomprehensible, and yes irrelevant to most peoples lives should have organically reached such breakout status. I can ask some of the 22 year old bros at my jiu jitsu gym what they think of string theory and they will tell me it's all part of the omni-conspiracy. It's literally the only science thing they know. It's not like they understand a word of the debate or know of/care about a single other intra-discipline debate about the allocation of resources. 2. No small part of this is the unfortunate emergence of the online narcissist huckster and nothing plays better in online circles than "they" don't want you to know the truth that "I" have the true answer but "Big X" won't admit it. This clown show distracts from the real merits of the relative positions. But it does get the charismatic narcissist a slot on general interest "they are all always lying to you" podcasts. 3. Obviously this doesn't apply to legit physicists and good faith normies who simply disagree with the existing dogma. That's not who I'm talking about. That said, theoretical physics is bargain basement cheap. I don't need to build a supercollider the size of Mars. I don't need to sequence a trillion genomes. I need a laptop, a whiteboard, some time to think, and a bit of ancillary budget. Surely there are enough allied tech/crypto heterodox rich dudes at this point to fund a Center for Heterodox ToEs and staff it with 50 bright people to prove they have something to add. I can't pretend to have the chops to analyze Eric Weinstein's Geometric Unity vs String Theory. I do know if I really thought I had the answer to the universe and his bankroll/connections I'd just fund a real research effort to prove it vs. doing the podcast circuit ad infinitum.
If it is irrelevant to my life then it is easy, i shouldnt be funding it. I actually disagree. Physics progressing is very relevant to my life because physics progress drives huge positive societal change. That physics is stuck on string theory and that string theory has gotten us nowhere is why i dont have much cheaper energy, much faster computers, much faster travel, paradigm shifting medical options, etc. that a bunch of wankers captured a whole class of cuahy university job for whole careers has directly harmed me through lack of progress. I dont have to understand the theory to know whats going on. I only have to ser thr lack of progress for decades to know the right way to spend my money is to diversify until something moves forward.