It's only seemingly inefficient. It's basically the price you have to pay for maintaining a trustless distributed ledger.

If you were to run an organization/bank/Paypal clone that maintains a centralized ledger, it would be just as expensive (if not more), because you'd have to hire thousands of employees, compliance officers, lawyers etc. You probably see what I'm getting at.

There's always going to be a price for maintaining accurate accounting ledgers. The only questions is where those expenses are going to be pushed and whether it's going to be your payroll or your power bill.