I can completely see where you're coming from. It isn't a great routine when done by itself. It doesn't have a ton of room for presentation by itself and is somewhat slight intensive. I could probably rant about how it isn't great here.
But instead, I'm going to play Devil's Advocate, because it's fun. There are some big points that the trick gets right. I'll try and keep it short.
Firstly, it is entirely visual, and if done correctly, seems to go instantaneously. The routine itself is set up to have almost all the work done a step or two ahead of the spectators.
Next, it's easy. It's a great beginner's trick, leaving you little opportunity for messing up once you get a couple moves down. It may be slight intensive at every step, but you're never grilled while doing the slights, which are themselves quite basic.
It can also take place outside of the magician's hands, giving you that opportunity for patter, and also making it much more personal.
It also allows for complete customization to suit you. It is a very basic set up that anything can be added to. You can add a single step and take it to a whole 'nother level. I especially like
@obrienmagic 's "Chicago Closer" rendition of it. It can be used to start a routine, end a performance, or just be a linking routine from one thing to another.
So in and of itself, it's hard to work with, yes. But it truly works as a blank canvas which you can add anything to and perform it how you like to drive a routine home.