The value of bitcoin is that it is a money with a fixed supply. A gold-backed government currency is approximately the same and would render bitcoin unnecessary. Yet no government is willing to issue currency that is convertible to gold on demand. Why? Because of greed. People with control over currencies want to be able to make money at will, unconstrained by the necessity to produce value or even to persuade citizens to pay higher taxes.

The electricity costs of bitcoin is the cost of countering government officials who insist on maintaining the power to inflate their currencies. The cost is analogous to the cost of freedom-seeking citizens of a despotic government. Enormous resources are used up in North Korea as the government seeks to control and restrain its population and some individuals seek to resist and escape. One could blame this cost on the Dear Leader who seeks to impose his will on the population or on the selfish individuals who resist him. It depends on your point of view.