It's not really a shocking amount. Probably some salary for the PI, a postdoc, a RA for a PhD student, lab fees for drug tests, animal housing fees, and I bet there is a shitload of red tape on the cocaine. If it is a two+ year project, the salaries will be most of it. At least we may learn something applicable to public health or future drug discoveries. Reviewers (other scientists) chose this project over others that probably sounded more dignified and reasonable, so there is probably something to it.
The NIH funds basic science- not things that has an immediate goal and utility. A shitload of good has come from these grants. If they find a receptor responsible for the increase in horniness, big pharma may be able to make a drug that will have these congressmen's wives wanting to fuck them for the first time in years.