I have to question whether you actually paid attention to the pro-bending matches, or were too busy getting righteously indignant because the creators didn't do things the way you wanted?
A single attack can only be composed of a single element type. There's nothing illegal about two different players attacking the same player simultaneously - hiding an earth attack behind a water attack is perfectly legitimate and was seen in an earlier match.
As for a 'waste of a bending concept', why don't you go back and watch the original series since pro-bending apparently irks you so much?
I understood pro-bending to have two reasons; the first was as you stated (bending becoming so common to the point of it being a sport), and the second was a way to have Korra being able to practice in a competive environment.
Aang and the others had an actual war with enemy soldiers to fight and 'practice' with - Korra doesn't and since going round like a vigilante didn't work too well (as seen in the second episode), she needs something almost as high stakes but socially acceptable in a society not in open war.