I don't get the argument that bowl games don't, or no longer, matter. They almost always seem to turn a profit and teams rarely turn down an opportunity to play in them. That means they must matter on some level to fans, players, coaches, programs, athletic departments, conferences, networks and host cities. Otherwise none of them would watch, prepare for, use the profits from, televise or host the games.
How is arguing that bowl games should be reduced because they don't matter any different than arguing that games between teams that have been eliminated from the CFP should be cancelled because they don't matter? Or maybe we should cancel games between teams that have been eliminated from their conference or division title races? What about G5 or Division II or III games, it's not like any of them are going to make the CFP outside of a few edge cases. What's the point? Why do we even need to play football? What's the point in determining if School A has better football players that School B? What does it mean in the grand scheme of things? Well, nothing, really.