I am curious what region you're from. I would guess it's outside of the US, but perhaps there's an area that differs from the norm I've experienced.
If you are indeed outside the US, I'm guessing it's the American tradition of engagement rings, without the tradition of continuing to wear the engagement rings. That truly would be a (bigger) waste of money.
I'm sorry to report that I've down voted you, as I think this is a popular opinion. But I 100% agree with you. If you don't want outside voices, don't allow outsiders in.