Sports and politics may be innately interconnected, but that doesn't mean we should seek to make sports even more political.
To have a requirement that the Olympics is hosted only in countries with political approval by [Stephen Fry/Western cultural values] would prevent it from having any global influence. Should the Olympics ultimately alternate between the EU and the US? Obviously not.
It's a good thing that political and cultural values of a country are not or are minimally part of the bidding and selection process.
If you're not aware, the IOC requires bidding countries to commit to IOC laws - which include special treatment and legal exemptions for athletes and visitors who may not otherwise be welcome. Although not without problems, I find that a sufficient way to make countries fall in line with the Olympic tradition without directly interfering with their local political process.