Exactly. It's wasteful by design, with incentives to increase hash rates in the face of efficiencies instead of taking the savings. And the hashes are absolutely useless computations. No one benefits from the 99.99999% of hash guesses that don't "win" the block.
Hmm, just for fun I think that is missing like 10 or 20 9s. As per block hit chance is about one in 3e+23... 500EHash/s * 10min * 60s/min...