But on the other side, it's another chance to leave the World Cup with a win.
And often these matches for third place are fun to watch because the teams often play without the pressure they had in the semi-finals (and the pressure they will have in the final).
Losing a semi-final is heartbreakening for the players. Germany played in 2 of the last 3 of these "little finals". In 2006, in our own World Cup, we lost (as usual) against Italy in a semi-final in dramatic fashion (as usual, again) but the team wanted to exit the World Cup on a high and showed a very good performance against Portugal and won 3-1. The same 4 years later. We lost 0-1 in the semis against Spain but again we played a very interesting 3rd place final against another motivated team, Uruguay, and won 3-2 and this match was way more entertaining than the boring 1-0 Spain win in the final against the Netherlands who played their most brutal football I've seen from them for decades.
So, yes, the 3rd place doesn't give so much reputation like a World Cup title but it often gives interesting matches and you can leave the World Cup on a high with a win. I was always proud when Germany won the 3rd place. Losing a World Cup Final is much worse for me
Most pointless game ever was probably 20-odd years ago in the Check-What-Its-Called this year trophy. First round was groups of 3, with one qualifying for the next round. I think it was Aldershot and Torquay who'd both lost to the third team in the group (who might have been Swansea), rendering the match between the two a dead rubber. Sensibly, they didn't bother playing it for some months, with the match taking place in front of a couple of hundred fans just before the final (probably someone at the FL noticed the missing result and issued an "oi lads, get on with it" order).
They're generally entertaining, open games with no 3rd place playoff having fewer than 3 goals since 1974. Quite a few of them have been high scoring affairs. Of course, this is a result of the game being utterly pointless and neither side really giving a fuck about the result.