it has been in there for a long time. just because a sport isnt as big of a cultural experience in america doesn't mean it isnt insanely popular worldwide.
i wish there was halfpipe skiing in the olympics as much as the next skiier does, but you all do realize that table tennis is in the summer olympics, right?
actually, there would probably be no olympics in beijing, and nixon would not have visited china when he did if it wasn't for a cultural exchange of ping pong. the best american player, some long haired hippie, got lost at a tournament in japan and accidently got on the chineese bus to get to the arena, directly violating mandates from the chineese government about interacting with the american team.
http://sportsillustrated.cnn.com/2008/more/06/11/opening.volley0616/index.html
it has done more good by setting the example for positive east/west relations than any sport in recent history, and while it may be a basement game to play with your uncles to you, it has had a major impact on the world, moreso than almost any other sporting event in history.
