I think sports are generally super arbitrary anyway. If you wanted a practical olympics it'd be like preparing your tax returns or making a healthy meal on a budget. Those are real practical life skills, but they'd be boring to watch people do. So I don't see an effective difference between normal fencing and olympic fencing or long jump onto your ass vs long jump onto your feet, none of them are really widely applicable to real life. They are just optimizing for different arbitrary results. So basically, eh, why not?
for what it's worth, i've always enjoyed watching actual, proper swordsmanship. there's a lot more depth that goes into real fencing than any kind of sport fencing. even with something like kendo, which imo is leagues ahead of olympic fencing, it's still drastically oversimplified compared to actual sword techniques. at least with kendo, most techniques do carry over to actual fencing, it's just that you're restricted to a very limited number of targets and techniques. olympic fencing is about as detached from real fencing as you can get and still have your weapon somewhat resemble a sword
i'll concede on the long jump, but even then, watching people land on their ass is just as boring as watching people land on their feet, while the latter, tho not widely applicable, still has objective potential to be somewhat useful. something like olympic parkour would be a practical application of the skills that go into performing a long jump, while also being a million times more interesting to watch
Edit: That said I would like to see old fashion weapon and armor use become part of mixed martial arts so maybe I'm just a hypocrite.
while i haven't really seen any hema sparring done with traditional armour as opposed to modern safety gear, i'm sure it's a thing some people do. people honestly underestimate the efficacy of medieval armour, especially against medieval armaments. between video games being video games and the ubiquity of morons performing weapon tests against completely ahistorical butted mail, there's a lot of misinformation out there about how effective armour actually is, especially mail, and to a lesser degree padded cloth armours