From my perspective, it's a neat backcountry toy. I wouldn't mind having one. But I certainly wouldn't put it into an essential category.
Not that there's anything wrong with toys or non-essentials.
I lump my larger, fixed blade knives into the same category.
I can always find plenty of fun and useful things to do with them when I have them. Feathersticks, batoning wood, bushcrafty stuff…
But when I don't have them, I don't miss them. Something as small as a Spyderco Ladybug can handle any realistic chores I need done.
I think part of it is simply regional; being in the southwest there simply isn't much to do with a hatchet if I'm not looking for things to do with a hatchet.