Your distaste for failure as art is appreciated. It highlights the need for discourse on the artist's role in society and what we want art to mean.

The ferris wheel you mention exposes society's demand for personal gratification in both creating and bearing witness to art.
Unlike The Gates of New York, people were charged money to take a ride on a piece of post modern mockery. The witness became part of the exhibition, to the delight of both its corporate sponsor and creator I'm sure. It was deception disguised as free expression.