All the work effectively makes bitcoin more and more secure, so it isn't waste at all. Potential 51% attacker has less chances to succeed the more miners there are.
Conversely, if these fancy chips become the standard mining kit, they will push regular hardware out even more. This means if you want to do a 51% attack there are much fewer individual people you need to compromise.
A 51% attack isn't based on the number of people, but based on computing power. If 30 people control 60%,then they control everything.