Very interesting thread. Really interesting to read (and appreciate) all the perspectives here.
I am in the same situation as the OP.
I cannot believe the situation of youth sports around the metro (and all around the country). Didn't realize how naive I was. Night and day difference vs. the small 3A community I grew up in where I was able to play football, basketball, golf, and baseball. As a 10 year old, we played maybe 15 baseball games per summer. I didn't want to play baseball in the fall, or hit in the batting cage in the winter. I was done with basketball by spring. With football, we did 7-and-7 camps (including Iowa State's), then August camp, then the season. That was it. Now, I have friends and family and neighbors having their kids playing 50 - 80 games per year (of softball, baseball, soccer, whatever). They sometimes travel across the state or even to tourney's other states.
Just my personal opinion: I find the number of games and tourneys and travel absolutely insane. Mind-boggling insane. The costs are insane. The time-commitments are insane. I truly do not mean to offend. And hell, I literally might end up doing all of it (if we can afford "it"). Because as others have said - what is the alternative? SO MANY families do it. So many of the kids' friends do it, at least for a few years. I "think" my boys seem to be good athletes, especially the younger one. His baseball and golf swings are natural AF; his backswing, the natural lag he creates, his left arm position at various stages of the swing, and then a vintage wrist/release through impact. He certainly did not learn that from watching me swing. And he's a lefty with a strong arm and great throwing motion for his young age. So already, all the other "dads" and friends, etc. are telling him how excited he should be to be a pitcher someday (which of course makes him feel really good hearing these compliments from other people).
And again I stress - I do not mean to be offensive. I acknowledge that for a lot of families, they
can afford it, they really sincerely enjoy it and get a lot out of it, and do believe it is a great way for their kids to grow up and learn and develop the physical, mental, and social skills that will serve them as they become young adults and into adulthood, etc.
Maybe the one thing that I poke a bit of fun at (or just am a bit annoyed at) is when parents stress "my kids love it!" Respectfully, kids are extremely amenable and flexible. There is an extremely high likelihood that kids will love/enjoy
any activity that they get to be around their friends or just anything where they get to be out and about doing something. If you told me as a kid that I would get to play sports all the time with friends, get to travel all the time, get to stay in hotels with my buddies and go swimming, get to cross around the state eating fast food and getting pop and Gatorades at Casey's
all the time, getting to pack a cooler with all sorts of fun snacks, getting to wear cool uniforms and gear and wristbands and headbands and eye black and cool shades, getting to go out to eat with other families, etc. etc. etc. - and get to do this ALL summer -
weekend after weekend - not really having to worry (as much) about chores or mowing the lawn, never having to be bored or wonder what 'everyone else is doing' - I would have signed up for that 1,000 times out of 1,000. So yeah,
of course your kid loves it 
They have literally no idea what things cost or why any of this all matters. And they don't care.
Edit: I see a lot of comments about 'travel' and distance, and how "tournaments around the metro" isn't traveling. My definition must be different than some of ya'll. The whole "if we win at 4, then we play at 7 and then if we win that we play at 11:00AM tomorrow morning but if we lose we play at 8:00AM and then if we win that we'll play in 2 but if we lose we are done.." Crossing back and forth for 25 - 45 minute drives between Ankeny, WDM, Indianola, Norwalk, Waukee, Ames, etc. - from Friday late afternoon to Sunday late afternoon - with no real idea when actual games are going to be - stresses me out just thinking about it