You aren't seeing the value because I reckon you haven't been on the other side earning and using status regularly. Believe it or not, I currently hold status on all three major alliances: Star Alliance (United), SkyTeam (Delta) and OneWorld (Qantas). I travel fairly regularly (at least once a month I'm on some sort of trip, often times more). And I can point to specific benefits I have had from holding status. From my trip to Saint John from Sydney where Air Canada cancelled the final sector, but within a couple of minutes rebooked me on the next flight in business class, providing hotels and meal vouchers once I deplaned. Or what about the time I wanted to stay an extra day at a conference and simply called up United to get them to push back the flight 20 hours? Maybe it was that time where I booked a $900 USD ticket from Heathrow to Sydney return on United and managed to clear the upgrade list to Polaris Business class costing me just $600 USD and 35,000 points for 35 hours of Polaris luxury. Or maybe it was that time I was moving (yet again) from Canada to Australia and packed everything in 3 checked bags (weighing 32 kg each) and didn't have to pay a dime for the luggage flying coach.
If you ask members on this forum why they bother going to these lengths to earn Platinum or even lowly Gold status I can guarantee you they will have specific reasons they can point to where the cost of booking that extra trip or as you correctly pointed out or adding in a connecting flight just to re-qualify for status makes a lot of sense. I would be surprised if no one on this forum has ever successfully used the Platinum perk where you can call Qantas and have them release a business classic award seat for you.
Again it's a completely different world. If you travel once or a couple of times a year, you're right it doesn't make sense and isn't worth it. But if you're rocking up to the airport regularly saving that time at security or spending time at the Flounge versus strolling through the international terminal can make a big difference.
-RooFlyer88