Absolutely. I think it's a common trap that we all fall into; I know that I do, for sure. We assume that something doesn't have any value unless it solves a hard problem. In reality, there's a ton of low-hanging fruit out there just waiting to be exploited.
As the web matures, I think we'll look back and realize that this is an era where the problem space looks like a tree: a trunk has sprung up of problems that we're solving, and then we're going to the highest levels of difficulty, branching out. Eventually, more will start doing what some people (like kreci) are just starting to do: working on easier problems. There's a whole world out there of things that we can easily be doing to help people with their day. They may not be 'noble', but even fart apps have their place in people's lives.
Numerous fortunes have been made from pornography, professional wrestling, and soap operas. We'd do well to remember that.