The NCAA championship cheerleaders for the 4th straight year are from U Michigan
You are thinking only of the huge stadiums for the top programs, and that is only football. That covers about 1-2% of what cheer squads do. And if it is only for objectification, then why have male members? Despite the previous comments, I really don't think most women attending the games ogle the male cheerleaders.
So no, it clearly isn't the whole point by a long shot and to the extent it remains part of it, there is no reason to help such antiquated values along.
isn't the whole point of cheerleading at athletic events objectification?