You're right that he's not a waste of money. Just a waste of a roster spot for an organization purporting to be a contender for a world championship.
I see the argument that other franchises blow a lot of money on shortstops; ergo, we should be pleased as punch with Cozart making the league minimum and burping up a sub .290 obp. I'm not pleased.
Jose Iglesias fields his position and gets on base. His 2013 salary was $2 million. The Tigers got him for Avisail Garcia and Brayan Villareal. Not much.
Nick Franklin is probably available from Seattle now.
Grant Green was available in 2013 for Alberto Callaspo.
Jake Elmore has been on the waiver wire.
Maybe you don't like these guys, but trust me, there are guys out there that you like better than Cozart who wouldn't cost us an arm-and-a-leg.
The only way I figure Cozart makes sense is if the Reds believe he's going to become something eventually. I don't see it; but I didn't see Homer Bailey amounting to anything either. If they just have him because he's cheap, then that's a good enough reason.