Keep in mind not all African hunting is like this. Some of these guys intentionally wound the animal to provoke a charge, they feel it sells movies, which it probably does. The sporting way to hunt hippos is to position yourself between them and the water, as they come back from a night raiding crops. How is this different from hunting deer? I'd say it's more sporting because they just might come for you.
Elephants are not killed by 10 guys, they're shot by one guy, in the brain, with a very large bullet. They usually die instantly. How is this different from hunting deer? Once again, only because jumbo may come for you if you make a bad shot. Those videos don't accurately portray this type of hunting. They don't showw the three days walking across the dry plains following spoor.
As for the meat, it's not wasted. Some of these countries have millions of starving people, and every scrap is eaten. The whole village joins in with the butchering. The Gov't usually won't allow hunting for natives, they make more money, and practice conservation, by leasing the hunting rights to outfitters. This is often the only meat in their diet, so they are very greatful when somone pops a large animal.
Take a look at some African forums, often the eleephants are raiding crops, and starving a family, so that is why they're shot. Without hunting, whole villages would often starve, as they're not allowed to shoot the elephants, even in self defense. The elephants learn this, and become very dangerous. People or elephants, that's often the choice. Also, an elephant hunt costs upwards of $40,000, usually, so the local economy depends on sport hunting. It's the only way to make the animals pay for themselves. Otherwise, there would be no elephant, except in large national parks.
Please look into this further beefore you let the antics of some clown cloud your viewpoint. Real African hunters look down on these videos the same as you do. The thing is, there's no "nonhunting voters" in Africa, so there's no pressure to keep things in good taste. Hunting is an industry there, so these guys get away with it.