I seriously don't understand the reasoning behind the ARM mission concept; why move the tiny asteroid to lunar orbit, just to send a crew to grab a few samples? If sampling it is the goal, surely it'd be far simpler and more cost-effective to take the samples roboticlly and return then to earth or LEO. (I'd bet you could get larger samples doing it that way).
As it stands, the proposed ARM seems to me to be little more than a make-work mission for SLS/Orion, because with Orion's 21 day endurance, you can't actually send a crew to a NEO in situ (even assuming SLS/Orion had the needed Delta/V). The only possibly-useful aspect of the mission that I see is the SEP system needed for the retrieval probe, but that'd still be needed if the destination is changed from Lunar orbit to LEO (the original JPL study of asteroid retrieval assumed LEO/ISS as the destination, so it's not that far-fetched to think LEO is a viable destination to consider).
I was totally subscribed to your incredulous POV until I read/listened to some of the literature. The thing is - you're 100% right, you're not being hyperbolic. This is basically acknowledged by the proponents of the ARM mission at this point, when they say things like 'this is going through the ops program instead of the science program' during the last telecon.
SLS/Orion needs something to do, something to train a generation of engineers in BLEO manned operations, something that would not put astronauts at risk on a 3-year mission, something that fit within NASA's existing budgetary outlook.
I used to be this cynical as well--I even came up with a mean nickname for the whole scheme. I've never been a huge fan of SLS or Orion, and it seemed like a desperate attempt to give them some sort of mission beyond a cislunar figure-8. I don't doubt that there's at least *some* truth to that cynicism, but I've grown a lot more interested in the mission the more I've gotten to know it. Yes, as I've said before, the fact that I'm getting paid to work on a study for this contract does make me biased, but it also has made me more familiar with what they're doing, and with what they (or others) could do with things if this mission were to happen.
I still think the key points to me are:
1- This will bring a new moon (somewhere between 90-1000mT worth) into the Earth-Moon system. Regardless of how many samples the Orion mission gathers, most of that mass will still be there available for either future NASA missions, or better yet commercial or international missions.
2- From a science perspective this is only so interesting, but from an ISRU standpoint it is fascinating. Sure, for about 2-3x the cost of the Osiris-Rex mission we'll bring back 2M-20Mx as much mass. And the samples we take can be investigated in the context of their surroundings way better than could be done via a purely robotic mission. But the biggest boon is just having a huge asteroid rock that can be of a sort that would have a hard time surviving reentry available for testing all sorts of asteroid processing schemes. I think most asteroid mining schemes suffer from "too many AeroE's and too few ChemE's" and this would be a way to start getting real experience.
3- The approaches I've been closest involved with have a lot of potential for commercial follow-on.
4- I'm of the opinion that Phobos and Deimos have the potential of being key enablers for future Mars missions (via ISRU propellants delivered to LMO). The same hardware designed for Option B could be used to return a sample from those Moons. If the particular Option B scenarios I've been involved with were selected, this could be done at less marginal cost beyond the initial ARM mission (at least to get the sample back to the Moon) than a traditional robotic sample mission. Getting material back from Phobos or Deimos could really help in understanding if they are realistic ISRU sources, and if so, debugging the tools so that the first manned mission to Phobos/Deimos could have a good chance of setting up and debugging a serious ISRU facility. A source of fuel in Mars orbit could make a Mars missions cheaper for everyone.
5- I can't remember where I saw it publicly, but apparently one of the potential uses for the commercial-derived Hab module that NASA's studying under the NextSTEP BAA was to provide a hab module at the ARM asteroid sample to enable longer-duration exploration and study of the asteroid sample, and to demonstrate long-duration habitation at some place close enough you could safely make it home if something goes wrong. This would basically create a tiny man-tended NEO-lab in lunar orbit (that could also serve as a lunar gateway).
I just think that so many of the naysayers have such a limited view of what's going on. Admittedly NASA hasn't provided a ton of clarity on exactly what they're trying to do, probably since they're trading two so very different options, but I hope that will continue to change in the 1st quarter of this new year.
~Jon