"What is the point?" Good question. Let me answer it:
The bloodhound project isn't "just" about going at 1000mph. It aims to give young people an idea what can be achieved through training, teamwork and application. To provide a positive example of the importance of engineering and science. To encourage a "can-do" attitude. To provide an educational programme linked with hundreds of schools running related projects. And to show we can! And it hasn't cost one penny of taxpayers money.