That doesn't address the inherent quality of a domain name which is fundamental. What you're really against is buying crap names, which is perfectly reasonable and everybody with half a brain would agree with you. I'd even argue you should actually should endeavor in hand regs for speculation purposes, given that you spend enough time researching.
Everyone here has at some point lost money acquiring crap names until they got the hand of it. Dropcatching and auctions certainly restrict the base quality of the general pool of the domains which is safer. But to say it's pointless is not correct. While it's true that many members lose money in hand regs, some actually make a confortable income out of it. There is gold among trash, and it takes experience to discern. The beauty of domaining lies in this fact. In the realm of possibility, it's statistically true that you can reg a domain that was never registered and find a buyer who'll pay more than you did the same day. Markets and trends shift, and one's loss can be another's gain across time.
That doesn't mean that you shouldn't hand reg names. That just means you have to educate yourself, learn from your mistakes and make intelligent buyer decisions.