Short answer? No.
The computations are part of the algorithm to generate the Bitcoins themselves. The work is expended to produce something that intrinsically has value, a Bitcoin. Those cycles aren't being wasted, they're being utilized on Bitcoin creation.
A monetary system cannot create value. If I just printed money, no one would take it, because it has no intrinsic value.
If I generate a Bitcoin, I expend value, so the Bitcoin I produce has some value.
When the US Government prints dollars, they don't just hand them out (though sometimes it feels that way). They actually PURCHASE things with those newly printed dollars, thus imparting value to them. Otherwise, they would rapidly devalue the dollar (if they just sent everyone $200 everytime they printed up a billion dollars).
So, while it may seem the cycles could be used on something more altruistic. In fact, that's the trade off you make if you decide to mine.
All that equipment being used to mine gold isn't going to waste to mine the gold. Though it could be used to build new homes for the homeless.