Well, it would only be a waste as of right now as we only have matte dyes. If/When they do bring out shiny and patterned dyes it would potentially be better than just the color changing, since if you didn't like the shiny effect like me it would allow you that option on shiny gear. If said dyes are rare it could lead to having more unique looks.

Just unfortunate that if I am right and that is the case, it wasn't completely implemented.