This disconnect is called the "Tullock Paradox" in Economics, after Gordon Tullock who first asked it in "The Purchase of Politicians" (1972) [couldn't find an online link].
You'll find a more recent discussion in "Why is There so Little Money in U.S. Politics?" (2003). [1]
You'll find a more recent discussion in "Why is There so Little Money in U.S. Politics?" (2003). [1]
[1] https://www.aeaweb.org/articles?id=10.1257/08953300332116497...