Yeah, nothing to object to your accurate summary of how things go on at "the sun of all knowledge".
The thing that keeps me going in and participating (besides the desire to restore some unjustly removed content, and the obvious addictive nature as a social game AND a massive multiplayer game) is a long term vision, which is shared by few people.
Think that 20 or 40 years from now, the current vandals and trolls that own any particular article will be gone (there will likely be new ones, but there's hope that they will camp at some ''other'' article); and, since every edit gets logged and distributed under a classic share-alike license, a future editor really interested in that specific topic will be able to trace back the full history of changes and old versions, probably assisted by some AI machine learning tool that will detect the edit wars and fact-check which side seems more likely to be right.
Assuming that deletionists or some other totalitarian state don't get to lock and burn the whole thing down, the project is the first wide-scale, distributed attempt to create a universal compilation of general knowledge since the times of the first encyclopedia; and this one is self documenting every turn of the way. Even its many failures will allow future researchers to study how not to set up a collaborative project and how early neticens behaved when the internet was young.
I agree with you that being a part of it doesn't necessarily feel nice, though.