Someone once said (may have been my Father), when you have a great idea, wait awhile, it generally goes away.I actually bought the ballhead version of this. After trying it and concluding that it doesn't work, it's been collecting dust.
The attached is one of the most useless pieces of equipment I've ever had a good idea about.
I think in these Images the "joints" must have been super glued.
But when I saw this thread started, I thought we would see loads of useless crap, but after close to 40 years, I have a hard time thinking of any really useless and/or absurd gadgets.
The area where I have wasted most money is probably on tripods and heads. Always trying to cope with something cheap, always ending up buying something better and more expensive.
It is actually not a bad idea, imho.. I have never had a Gorillapod, but I bought the tiny Manfrotto table tripod with a ball head. I can hold my 5D II gripped plus 70-200 II steady without a problem. I bring it when I travel far away for the possibility to capture nighttime long exposures. The Gorillapods I have seen, have not pretended to be supportive of DSLRs.
My most stupid buy was a cheap ring flash. Its recycling time is horrendous, and the quaity of light is really ugly. There are no such things as a real cheap good ring flash. The plastic thing that you mount to your flash can be fun.