I carry a Crankbros M19 as well as a Chinese OEM "
pirhana tool".
The M19 comes in handy maybe a dozen times a year, mostly for minor adjustments for fit and/or creaking diagnosis during a ride. Maybe 1-2 times a year I use it for something major - I've repaired 4-5 broken chains and trued wheels after broken spokes. It gets carried much more than used obviously.
I used to carry a small Leatherman P4 for the pliers - handy with tubeless values and cores - until I bent a chainring tooth getting rad and found the pliers too small to effectively bend it back and allow shifting. I replaced with the pirhana multi and found the adjustable wrench tool more than capable for my needs.
Oh I also carry a pocket knife but that's definitely used sparingly - only things I can think of recently are cutting a replacement cable to length (after mine snapped during the ride) and bushwhacking after our group came to a washed out bridge with only reroute options adding 30 miles to a 200k.
So I don't disagree with your statement, but sometimes it worth it to be prepared for the 1%.