Like you, I find that they are warm enough for 6 months out of a year to not worry about carrying the 12oz extra. I also carry a light fleece sweater, and long johns. I live in NY, not far out of the ADK’s with it’s rain/humidity.
It rarely gets used for hiking. Hiking generates a LOT of heat. Generally, I use my long johns for the first hour or two if it is cold , but, I like to hike fairly cool. Around 20F/-7C and I will use it, though.
1) It allows enough insulation for my hikes, without being excessively weighed down. I plan on a 0C/32F temp for comfort, sleeping and hiking. I have stretched this another bit…into the upper 20’sF. A few times I got caught in some nasty early/late storms down to 20F/-7C. With all my cloths, I was a bit cold, but still able to sleep for an hour or two at a time. Usually, cold and snowy hiking is far less wet than hiking at 35F.
2) It doubles as insulation under my bag. My old 40F bag is really too light at times. Using the jacket extends it’s temp range around 8-10F(7C) degrees. There was a discussion a couple years ago about the down being of better use inside a bag. While I agree it is more effective in a bag, it lacks the versatility of a jacket. Double duty is a key tenet to UL hiking/camping. More insulation can be added. You cannot add more versatility.
3) It is handy, generally. I can slip it on during breaks/lunch. I slip it under my rain gear as needed. A bag/quilt is not real good at this. I tried several methods of wadding my bag under my rain gear (folding & tying, wadding) and always got wet edges. Fine at camp, as a draped blanket under a roof (tarp/tent,) I don’t care to risk my sleeping comfort by getting it wet at the edges.
4) Dampness is of little or no concern colder than 32F/0C. Under my tarp, my light jacket dries out in an around an hour. This is usually fine. I do not need the extra warmth til around 100-400. If you are sweating, take it off and use it down by your feet. If needed, you can slip it on. Your body heat will usually drive moisture off. And midnight pee runs actually become comfortable already having a jacket on. Often, I don’t even need a light to see, being night adjusted, but if it is raining, I will use one to facilitate speed.
5) With a quilt, you can also use the hood to cover your head. Usually recommended for most quilts.