These are not Wasted. In US, Many cars in such situations go to Salvage Auction Yards, and the buyers usually Mechanics/Body Shop owners, buy these off extremely cheap, and work on them like mad, and turn a very neat profit, in tune of 1000%.
The Title has be junk, but there are ways of making the title clean.
One man's Garbage is another man's treasure.
Its true in case of Cars, Girls (Ex-Wife), Old Ships, planes, whatever...
LoL