I prefer not having the extra failure point.
Off hand can't think of a situation where it would be beneficial on a dive
An octo is not that useless.
When a small stone gets stuck under the exhalation diaphraghm and you regulator constantly floods, THEN you will appreciate an octo... although having a mouth wash at each inhalation also sounds refreshing There have also been cases of broken (inhalation) diaphraghms and other issues such as lost mouth pieces (someone died; of panic I guess).
When I dive solo, I have two small tanks, two first stages, two regulators, two buoyancy devices, two cutting tools, two light sources, two masks and two time/depth gauges/computers. All independent. The only thing lacking is an independent brain (and a pair of extra eyes and hands), and that's a known vulnerability.
There are times when I dive without redundancy (thin wetsuit, minimal weights, neutral cylinders, no buoyancy compensator, only one first stage + seconds stage), and it's not just historical diving. Warm shallow waters do not always mandate full redundancy - especially when depths remain reasonable.