Are the Olympics in their current format dead??

So I have studied sports and politics and this isn't about just the Toyko Olympics and has nothing to do with just the USA but rather the format and issues hosting the Olympics brings. It costs hundreds of millions to even submit a bid and billions to actually host them. Then most venues are not used after and take millions a year for basic upkeep or get demolished. The bids are decided 10-12 years out from the games so the world or the chosen countries reality could change a lot. There are usually all sorts of human rights issues with stadiums building and many citizens of those cities don'twant the Olympics. In almost every host city case there is also a huge negative environmental impact from construction...winter Olympics especially. For example the South Korea winter Olympics deforested a whole mountain side that was a protected and vulnerable ecosystem because they built downhill ski slopes and venues there. Is this model of rotating host cities and decade out bidding going to be able to sustain or should they go towards a single Olympic spot and it be hosted there every time (has been discussed for years) or should the Olympics just end as a whole?? I ask because the 2032 host city was chosen today...Brisbane AUS. It 'won't its bid but there was no other bid competing against it. It used to be 7-10 places competing now for the summer games lucky to get 3 and they are having hard times finding cities who want the winter games. Chicago spent $130 million on a bid to just withdraw it based on backlash from the city because the people didn't want it. No Olympics since Los Angeles has been profitable to the host and some like Athens have fully bankrupted a country. They have talked about a single permanent Olympic site but the most viable options are in North America and there is a debate on fairness for competing countries always having to be a guest ad well as the host country being responsible for the financial/safety burden every games. At this point is it even worth having or should they stay with major changes? Is the short economic boost to the region and the job creation (temporary jobs) worth the cost?? Just curious to see other people's thoughts.