I agree with you... I wouldn't be a waste of time!

Isn't there some way that we as the user community can update apps and share them?

we can, but:

1. you cannot generate a one-click-to-install package (.lks), but only these things:
1.1. a .bat file with application files on "App" folder and user files on "Data" folder (zipped, a self extractor etc.);
1.2. a .lpf file with application files on "App" folder and user files on "Data" folder (zipped, a self extractor etc.);
1.3. a patch to replace "App" folder with the new files - you must fix side effects with user files and license, and you can try to decompile respective existing *LKL.exe to show correct version on LK Menu (I think none done it yet);

2. you cannot host a file here, but you can share a link to it;

3. it isn't so easy for a lot of apps.