Studies show that hosting Olympics and WC are net costs to locations/countries that do so. This isn't new and isn't a surprise to anyone who did any research on it. It's a glamor and showcase opportunity for cities or nations who decide to host it, mostly on ego, And with FIFA involved, it's bound to be about as corrupt as fucking possible with bribes, payoffs, no-compete bids and all the rest.
Your officials let you get fleeced, as they weren't up to the task of reviewing what they were committing to, congrats!