I think it's because FWs are a funny category of club. Most amateurs (myself especially) have no business bagging one but we all do anyways because we need something to fill that gap.
Like I said to Terry at Ben Hogan, I don't hit my 4 wood any straighter than my driver on average and since it has a small face my really bad swings can result in wiffs, tops, and hosels.
I think this is the last season i will game a FW even though my M1 is amazing when well struck. I'm going to try an all hybrid setup soon.
I am definitely coming around to your POV on the bolded. I used to think you were nuts for hitting driver all the time, but I'm seeing improved results from doing the same. The only times I'm clubbing down now are when I need a shorter distance for some reason.
As to all hybrids, it's an interesting idea and one that could work well in the right hands. However, from recent experience I know those hands aren't mine. I couldn't quite launch a 19* hybrid high enough to fill the gap correctly, so I'll be sticking with fairways in that 16*-20* realm.
Also a more general comment, I will never game a FW under 16* again. Agree with most that a 3W is bloody tough to hit off the deck - at 16* or 17* a 3.5/4W is much more manageable, and I actually GAIN distance off the tee with a slightly higher loft.