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_rpd comments on The case for value learning - Less Wrong
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I take your point that theorists can appear to be concerned with problems that have very little impact. On the other hand, there are some great theoretical results and concepts that can prevent us futility wasting our time and guide us to areas where success is more likely.
I think you're being ungenerous to Bolstrom. His paper on the possibility of Oracle type AIs is quite nuanced, and discusses many difficulties that would have to be overcome ...
http://www.nickbostrom.com/papers/oracle.pdf
To be fair to Bostrom' he doesn't go all the way down the rabbit hole -- arguing that oracles aren't any different to agentive AGIs.