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.