I think a small subset of sports out there, the part that is also the most publicly visible, does invite a vapid culture around itself... like major football programs (either kind). But the vast majority of sports going on out there, high school or college tennis leagues or cross country running or swim meets or gymnastics, happen without any fanfare and IMO are conducive to all sorts of positive values ... hard work, discipline, teamwork, self pride & confidence...
As for what to do about the colossal sports programs that are over the top, I mean it's a very embedded culture that's crusted around them over the last century and a half... Not sure there's any silver bullet that's just going to make that culture just float away, but obviously there are things the powers-that-be can do to make the problem better and not make it worse... Like make funding more equitable across sports programs, have strong checks & oversight so the major programs don't get any undue special treatment and especially not get away with dodgy practices, etc...