To expand on KB's point, the olympics (originally) allowed only amateurs, so as to limit competition from non-rich people, since non-rich people who weren't professional athletes would have to work for a living and therefore have limited time to train, and perhaps compete. The rich people ("gentlemen" from wealthy families) didn't need to work and so could devote their time to training and competition. Their athletic triumphs (with limited competition from superior ability working class people) could then serve as the basis for impressing women and bragging to their fellow rich people.
As for the olympics being about sport, and all people coming together in the spirit of athletic competition without the burden of politics, nationalism, etc., what a bunch of hooey. If that's what it were about, then the whole competition wouldn't be based around countries, countries choosing who can compete, individual representing countries, teams representing countries, playing the national anthem of the winner in the awards ceremonies, etc. If the top 20 athletes in a given event are all from one country, then why not let them all compete in the olympics? If it were about sport, individuals could and would represent themselves, and for genuine team sports, should be free to form whatever teams they want, regardless of combination of countries involved, such as doubles teams in professional tennis - the only "requirement" should be that the contestants can actually get to the site of the competition (so may have to deal with passports or visas as a practical matter). There would be no artificial team scoring conglomerations for inherently individual sports, such as gymnastics. There would be some type of qualifying procedures, totally independent of country, for who could compete in the olympics. I suppose that the governing body could see fit to have some wildcards or "affirmative action" to help out "disadvantaged" athletes, but I'm not much in favor of that, since this would be at the expense of the next most qualified athletes.
Well stated and I agree. Not to mention the $$$$ involved in the Olympics. From tickets that only VIP and foreign dignitaries can get and the common person can't. From the $$$$ of who can advertise and who can't. From the $$$$ who can broadcast the sporting events and who can't. The Olympics aren't about sport anymore, but are now a corporate plug for big money.