I think ironically the more obvious the return on investment of the research is, the less sense it makes for government to fund it - the private sector is more likely to fund something where the route to commercialisation is clear.
Or: basic science is a public good, and is underinvested in by free markets.
DARPA's rule is that if more than 10% of their projects succeed, they're not taking enough risks. Blue sky projects are presumably much, much lower probability than that.
Or: basic science is a public good, and is underinvested in by free markets.