Getting approved in Google AdSense is really difficult, and if so, you should be careful as they are very strict and not sure if faucets are allowed on it, so you'll still have difficulty on this. You don't have a choice but to take those low-paying ads, but still, it is worth it over nothing. Again, only a few people will be visiting faucets these days because they know it is just a waste of time. But again, we can try it, and if it is not profitable, then close it down.
Yes there is nothing wrong with trying
and I do agree with you that nowadays people just rarely visit faucet
Maybe some can spare their own time in creating faucet if their main target is not for making business from it but wanted to offer something quality enough for the newbies to start upon for their learning, in other words as you've mentioned above, if there's a plan already on ground to make business a big way, one can go into gambling casino as an establishement to start with or do other businesses that could bring in money through the use of advanced digital technology, we must also consider the trust people will have in whatever we want to start that will increase their patronage.
Some of Faucet that I know today is for education purposes and usually the site has multiple faucet from different coin and some of it has testnet coin for learning purposes
and yes some site use faucet to gain traffic from lot of user
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So funny Fiat Money is the greatest Magic on earth but here we are. 
but dont afraid we had government and every problem has a solution 
40 million USD 
