1.3B$ to observe a bunch of kids growing up, taking metrics of them periodically, sounds like some serious inefficiencies going on there
Cohort studies like this one have led to some major advancements in our understanding of disease - if you know anyone who takes aspirin to reduce their risk of cardiovascular disease, for example, that came out of a cohort study. There is a tremendous amount we don't know about the development of diseases in childhood, life-course trajectories, the effects of environmental exposures that need well conducted, large sized studies - the large bit is important, as they need statistical power if anything will meaningfully change in terms of policy.