I think you are drastically overestimating the mitigation from Protect, at least at the current gear level.
People have been saying since HW that Protect is just a fire and forget skill, that adds no depth to any job. And in HW you wouldn't have 8 more useful skills to pick over it.
Personally I don't care if they remove it or not, since I don't use it anyway (or only once during a dungeon).