This is a good point -- not to mention the 74 different swimming medals that are awarded...
I feel as though there are a lot of pros and cons to jiu jitsu being an Olympic sport though. First off, why call it "jiu jitsu"? Wouldn't "submission grappling" be a more accurate term considering that a lot of the top grapplers don't train jiu jitsu? This is just semantics though and not very significant...
Another problem would be the rules. Personally, I find EBI rules to be the best, but in an Olympic event, I would imagine the format would have to sport some lame point system which would get controversial and political real fast. Submission grappling has going for it though in that it is that very popular internationally throughout all regions of the world.
Some of the events that make it in the Olympics make me sad. I'd love to see submission grappling in there.