A contemporary USA publication said that the casus belli for the war was the desire of France to get back Alsace-Lorraine, and the desire of Serbia to get Bosnia. Well, France still has A-L, but Serbia ...
France lost Alsace-Lorraine back in 1871, in which the French were badly humiliated by the Germans. Of course, they wanted it back, but by the same token, Germany wanted to take even more of France's empire.
Bosnia and the rest of the Balkans were a mess due to Turkish occupation and hegemony over the region. And just after Serbia, Greece, Bulgaria, etc. were finally throwing off the Turkish yoke and gaining independence for the first time in centuries, the Austrians started waltzing in and tried to replace the Ottoman Turks as rulers of the region. Obviously, the Serbs would have none of that, so they resisted in the only way they could.
Up until 1993 encyclopedias implied that the Great War was worth fighting because it led to the Union of the Northern Slavs: Czechoslovakia; and the Union of the Southern Slavs: Yugoslavia. Now that those states no longer exist, the only positive results of WWI are the independence of Poland, Lithuania, Latvia and Estonia.
Ironically, if Russia had stayed in the war until the very end, they would have had an equal Allied seat at Versailles and likely would have been able to retain Poland and the Baltic Republics. They could have also pressed further claims in the Balkans and Turkey, and it's possible they could have even gotten Constantinople back under Orthodox rule. But by quitting the war early, Russia lost her chance at gaining some of the spoils at Versailles.
Well, at least all of those above-mentioned states are still independent, although they had to endure WW2 and 40 years of communist rule before they were finally free again.
I would still say that the Great War was worth fighting in the sense that it kept Germany checked, preventing them from gaining hegemony over Europe. If the Germans had won, they would have kept France under their thumb and would have been able to gain large chunks of the Russian Empire (including Poland and the Baltics). Germany likely would have demanded more of the French and possibly British colonial empires as well. As they were also allied with Turkey, then that country also would have gotten an inroad to regaining hegemony they had lost in the Balkans.
So, as to the question of "why," the Allied position was, overall, understandable. Russia's position was as it always had been - to restore Orthodoxy in the Balkans and to resist Turkish incursions into Slavic and/or Orthodox territory; this had been the cornerstone of Russian foreign policy for centuries. That they would side with the Serbs as natural allies should not have been any great surprise to Austria or Germany.
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