Judging by your original post, the 2 main reasons we shouldn't have played this game were a) UCLA sucks and b)we didn't get a return game.
Point B. I'll address this one first because it's the easier of the two. We play invitationals all the time in basketball (i.e. San Padre, Puerto Rico, etc.) I've never heard anyone argue that we shouldn't play these games because they are played elsewhere and we don't get the money we would at a home game.
Point A. Given that this was scheduled some time last year, I would think (I'm not sure how far in advance the basketball schedule is worked out, but it was certainly before the season started) there was no way we would have known at the time that UCLA was going to suck. If I remember right, they were coming off a pretty good year. Yeah, they lost some good players... happens all the time and doesn't necessarily mean that team is going to suck.
There was a lot of talk last year about how we needed to play some better teams in our OOC to help with seeding come tournament time. I don't remember who argued for or against this, nor do I care to look it up, so this is not an attempt to call anyone out specifically. The point is, simply that it was argued. This seems to me to be an attempt to assuage those arguments. Unfortunately for us, it didn't work out that well. It's kind of like how we ended up playing Houston and Ga Tech in football this year, only in reverse. When we agreed to play them (Houston and GT), they sucked and we were good. By the time we got around to playing them, the situations had reversed themselves. So, we ended up with the hardest schedule in the nation this year.
My question to you is: if you were the AD and someone from UCLA had called you <span style="font-style: italic;">last year</span> and said "How about coming out to California next year and playing UCLA in the Wooden Classic?" Based on the facts at hand <span style="font-style: italic;">last year</span>, would you have turned them down?