While we can acknowledge that the Berlin Olympics made the torch relay into the spectacle MB is ranting about, it must be pointed out that torch races and torch relays were a feature of ancient athletic competitions, such at the Panathenaia, the Prometheia, and several others. On this, see appendix A (p. 190 ff) in Donald G. Kyle, Athletics in Ancient Athens. (available at Google Books; the whole appendix did show up in a preview).
So should we get rid of the torch race? Probably not ... for my part, though, I could do without the speeches and other babblings of non-athletes looking for photo-ops.