I'm totally with the OP. It's a make or break stat that other than onto it's self serves no purpose.

There are plenty of different checks that could be made based on other stats that passively contribute to your character.

STR - Knockdown/back check. (also buffs phys damage, and other stuff)
VIT - poison check. (also buffs base HP)
Water resistance - Sink or swim check. (also reduces dmg from water-based attacks)
Fire resistance - Burn/time check. (also reduces dmg from fire-based attacks)
ACC - To-Hit check. (also umm.. yeah nm).