Are they watching OVER us or are they just watching?? I often used to wonder what we might have to offer an alien race that has the capability to cross the many light-years of space to get here. there is nothing in the way of mineral wealth that couldn't be more easily found in the asteroid belt or on other less active places than here. Our science would be quaint to them at best. After many years of contemplation, I have only two things that we might have that they would value.
Might the widespread and exuberant life here be of value? We send people out into every nook and cranny of this planet in search of new plants and animals that might have some new chemical or biological agent that might be basis the next miracle drug. This need could be a universal need and interest. I remember reading a Science fiction book many many years ago about a guy that was trading cigarettes for gold to an alien. The Alien would send down a trading box and he would take what he wanted and replace it with things he had. they worked out that cigarettes were what the alien wanted and that the guy liked gold so they had a regular trading schedule. The cigarettes had become the latest designer drug for this alien's species and he was making a killing providing this new exotic and highly addictive drug to his people.
The other thing that I wondered about is that they use this place to experiment with different philosophies and forms of government and we are a philosophical Petri dish for them. There are a lot of stories from all over the planet where ways and methods have been handed down to people from "the gods". Might the gods be just aliens that are curious to see how the rat runs in the different mazes? Ancient Alien Theorists would say YES!! But then they are a bit like a 2 Dollar lady of the evening and don't say no to much of anything. Sorry, I had to say it!! Nonetheless, they do seem, if they exist at all, more interested in us and our business than in any material gains we might offer them. For a species long-lived enough we might be as interesting to watch as a soap opera or sporting event.
I see curiosity as the main motivating factor. If they were interested in conquering us I don't think that we would offer them much challenge. Since we are still free and not openly interfeared with then they probably aren't an immediate danger to us. that doesn't mean that they are necessarily friendly just that at this time they offer no threat.