A good deal of it is pseudoscience, but it's not doing any harm. Also, the aggressiveness of cryptozoologists to prove themselves have led to actual discoveries - like the dingiso, and the komodo dragon(which is especially notable).
Gorillas were regarded as cryptos until the 19th century. Giant squid regarded as cryptos only about 10-12 years ago give or take. So I wouldn't call it a waste of time. Though from poor scientific methods, an almost religious belief in the existence of some of these creatures, and out right forgery the legitimacy can be questionable at times.
I think that it is a very important profession. Most people regard it as a joke because they think it is just trying to find things like Bigfoot and whatnot. I myself actually consider it as a future profession for myself.
Cryptozoology is a legitimate study. Several animal species we commonly know were discovered through its outputs.
That link you have set up is not TRUE Cryptozoology. It is more like fan-base of fanatics who wish to give reason to their mythological beliefs and get paid for it. As they use it, Cryptozoology is a crutch, much like an Obese man using "It's a glandular problem." as an excuse to not make an effort to maintain fitness.
