It's a good point. One that is true to some extent for communism as well. If we were operating in a system that was less efficient as extracting resources and using them for production, we would conceivably get more out of the resources we have and avoid the pointless cycles you point out.

Unfortunately in practice it didn't work that well because the resources under communism were just used less efficiently and in a more polluting way which negated a lot of the gains. The net result was just less benefit getting to the end user. Though you could argue that people were freed from the capitalist treadmill of overwork to feed largely meaningless consumption that you mention. They just had to pay in quality of life, occasional hunger and genocides, and personal freedoms.

The other issue is that if one country is operating inefficiently and there is another country operating efficiently, inevitably the other country will overtake the first, as we saw in the Cold War. So such a system would need to be enforced pretty strictly on a worldwide level least it get beaten by a system more streamlined for production and militaristic endeavors.

For anarchy, enforcement isn't strong enough to not get taken over by another system (or at least the requirement for personal buy in of all in the system is too high to be practical)