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Well, it had only been part of Czechoslovakia for nineteen years. Come to that, Czechoslovakia had only existed for nineteen years.
The idea that national boundaries are fixed and immutable simply didn't exist back then. The boundaries of Europe had been re-drawn at least once a generation for a thousand years - and people often found themselves compatriots of those with whom they had no affinity.
Briefly, the Austro-Hungarian Empire was broken up by the Treaty of Versailles, leading to the creation of Austria, Hungary, Czechoslovakia, Yugoslavia - and land being granted to Poland (re-created in 1919 - in 1914, Warsaw was a Russian city) and Rumania. Note that Yugoslavia disintegrated messily in the 1990's, and Czechoslovakia split itself in two (peacefully).
The Sudetenland was home to ethnic German-speakers who found themselves on the wrong side of a border they hadn't chosen. Most of them WANTED to be part of Germany or Austria (though after the Anchluss, this amounted to the same thing), rather than an invented country who looked down on them. Most of them, but not all - there was a lot of ethnic tension. This is what Hitler sought to exploit.
As for Britain and France - their principal concern was to avoid another world war. Yes, things didn't go as they'd hoped, but the best-laid plans of mice and men...
Mind you, short of starting WW2 a year early, it's hard to see what they could've done. Britain in particular had known for three hundred years that geography made them incapable to getting involved in a European land war without a major ally. France, on whose soil the Western Front of WW1 had largely been fought, was desperate to avoid a repeat.
In short, Britain and France gambled that the Munich Agreement would avoid WW2. The were proved wrong, but you can't really blame them for trying.