Why is it worthless exactly?
It gives teams that could have had a deep EC/CL run a chance to play in advanced stages of European football rather than play 2nd or even 3rd fiddle to a handful of teams from even less leagues.
Last season it was probably the moat interesting competition out of the three and the only reason I leave a minor window is due to Frankfurt and their fans.
CL is becoming more and more a crappy, closed competition that most neutral don't want to watch but just do because they learned that's what they should be doing.