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There is no purpose to bullfighting. People do it for the joy, pleasure, and for the entertainment of it all.
Another Answer:
The purpose of the bullfight is to kill the bull in a beautifully executed performance by the matador with the capes and sword.
Bullfighting is almost as old as human civilization. The first records of a bullfight date from around 2,500 BC. The origin is almost certainly religious ritual. The ancient Romans brought bullfighting to Spain, where it later - and until the 19th century - became closely connected with all kinds of religious festivities.
In some parts of Spain (and in many of Spain's former colonies in Middle and south America) it is still popular as a traditional spectator sport, with many now bloodless varieties. Why people participate? Mostly, because it's a job. Why people like to watch? In the case of the bullfighting-to-the-death varieties, for the same reason they watch traffic accidents or a guy walking a tightrope across the Niagara falls.
Bullfighting is important for more than just cultural reasons. The industry employes thousands of people around the world, not just the toreros but also those employed by the bull ranches and bullrings and management. There are also those who sell refreshments and souvenirs at the bullring who depend on bullfights for a living. Hotels and restaurants in the area of the bullring make a lot of money from those attending. The tourist industry also would suffer if bullfights were completely banned in many countries as there are aficionados all over the world who travel to both Spain and Mexico to watch these events.
Although many are against the sport of bullfighting and, therefore, do not see any good in it others would argue that bullfighting provides thousands of jobs, both directly and indirectly. It provides tax money. It also brings in tourist dollars for those who come to see the fights and stay in hotels and pay for restaurants.
Entertainment and also because bulls are the spawn of the devil according to spanish tradition.