I can see why the guys that do drifting probably like it; it looks like a laugh to do it. It's just not a sport though. To me it's a novelty, the first time you see it you think 'Blimey!' but after a minute or two you're bored of it.
I've never even watched a whole three min video of drifting on YouTube, it just doesn't hold my attention.
As JB already said, to me it's comparable to figure skating; it looks fairly difficult but ultimately pointless and even at the end you don't know who won until the judges tell you. It just seems like a poor substitute for racing.
Like I said though, I totally understand why the participants like it.