I mean, define "wasted"? Presumably money will flow to American companies, American employees, American steel industry and so on.

In other words, yes it is billions pushed back into the economy, and yes, there will likely be very little "permanent" to show for it (and presumably the navy won't be much better for it) but it's not like they're just burying the cash.

It's important to understand that for the military industrial complex the goal is to "feed the machine", not actually to produce anything. In that sense this money is not wasted, it's doing exactly what it is supposed to do.