Kickstarter isn't some sort of investment, if it was, you'd get money out of it - which is exactly what you are saying. But my view of this which is that we are essentially promoting art - we, as a group, are patrons of the arts. Now one can argue whether or not an MMO is "art" but is certainly seems arguable that it's a type of art, and it's certainly "art" that we people who are interested want to see created.
We aren't paying money to save money - or to make money - we are paying money to ensure that some "work of art" that we want to see is created.
It's like the Statue of Liberty. France gave it to the US and it sat in a warehouse, and then there was a nationwide drive to get a location for it and a pedestal for it and people all over the country paid money to see this happen. They didn't get a discount to take a tour, or a percentage of the tour profits... they paid money just to see that it was created.
That's a very optimistic view of it, which you're entitled to. Personally, I see it as a way for an established businessman like Jacobs to get seed money without any of the usual controls and costs associated with angel investment. It's a complete win from his perspective, because otherwise he would either have to kick in all of the startup funds himself, or give up a significant chunk of the equity to get capital. That's the way it typically works.
I hope he makes the game. It is a niche, but it's a niche product that I would pay for access to. But at the same time I will continue to feel like crowdfunding should be used for projects that have no other way to get funded.