Bethesda didn't make ESO. Zenimax online did. I thought everyone knew that?
Bethesda Game Studios, the team that creates the single player TES games and Fallout 3, did not develop ESO. ESO was developed by Zenimax Media Online. BGS has been working on something for the past couple of years but they have not announced what it is yet.
edit: used Media instead of Online.
Waste money? I really doubt that. But Bethesda Softworks ( the folks that run this website) is a publisher. BGS, ZOL and several others are all developers. They all fall under the control of http://en.wikipedia.org/wiki/ZeniMax_Media.
The fact that you have no idea who developed the game makes me question if you've ever played it. Yet you call it a pile of crap. Very informative criticism, there.
They are neither defending or offering an opinion on the game. Merely wondering if you have in fact played the game that you are so vehemently criticizing.