Not a waste of resources....
SETI may never hear an alien (why would they use something as slow as radio waves,) but listening for one thing can prevent you from being badly surprised by another.
It's an incredibly dangerous universe, and keeping your eyes and ears open is always a good idea.
SETI could be run for many decades on the money that's still missing from our first year in Iraq. Find all the really big criminals and reducing the debt will be a cinch, finding even some of them would balance the budget. But to find, you must look, and no government agency appears interested....