What is this fascination with the National Spelling Bee?

I will never understand why people are so impressed by kids' abilities to memorize the spelling of words no one ever uses. It was all over CNN last night and today. I think the only word I recognized was "espousal", which I might use one or twice a year. The other words I'd never heard of and would never use even if I had. I knew a few kids in school with photographic memories who could solve the Rubik's Cube or whatever. But I don't recall any of them being better spellers than I was. Why does the media, or anyone for that matter, make such a big deal out of a contest to see which kid can memorize something (that's irrelevant) the best? I think an essay-writing or logic problem-solving competition would be far more valuable and a better measure of a kid's true talent and worth ethic.