Exactly. Surely what this has proved is that there is no need for an expensive taxpayer-funded "reporting process".
That's exactly where opinions differ. (Not our opinions.)
Some people see something they can't explain, and their friends can't, either. They then feel that this experience is important, and want to have that validated. There are people who'll agree and say, it could be alien visitors, it could be a threat to aviation, it could be illegal spy drones, it could be breakthrough physics technology, and we need to study this.
However, experience from the last century (and Project Blue Book wasn't the only one, see the AARO historical report, or the older CIA report) showed that studying these reports produced no results, and was a waste of money. This has not changed.
There's always going to be stuff we can't explain—because it's too far, because we don't have context, etc.—that is essentially mundane. We need an actual phenomenon that is new, and then we'd maybe have something. Ball lightning has been created in the lab, and very rarely observed in the wild, so that's an actual phenomenon, and its study can contribute to atmospheric science (or some such field).
It's also worth it to create systems that can identify anything, if your goal is battlefield automation, so that's where AARO is expending effort.
But the "I have a weird picture on my smartphone" crowd is worthless, except for people who like to puzzle things out, and for those who derive affirmation from explaining the unexplainable, however
woo or not that explanation may be.
If you need a well, you're better off paying a geologist or biologist than a dowser.
If you support government efficiency, don't spend money on this.
Don't spend money on trying to shake someone's belief they've seen something important when they haven't.
Don't spend money affirming someone's belief they've seen something important when they haven't.
It'll be wasted.