This show kinda tipifies(?) the British mentality. We take pleasure in seeing people failing, we want people to fail. I so wish they'd instead made a version of Ninja Warrior - a show in which 100 contestants try to conquer a 3 stage asault course to earn the right to go for stage4. A program in which all contestants cheer on the others, everyone wanting everyone to get to the end, not praying for their destruction. Yes there is fun there when someone takes an early bath, but there's an infectious feeling of wanting them to succeed.
Ninja Warrior is a celebration of people striving to be their best. Wipeout is there to laugh at and mock the pathetic losers.
Wipeout goes on my list ( along with Everybody Loves Raymond, the Bones lady and Voyagers Neelix ) as TV things I'd gladly strangle.