Ben, while true, that doesn't mean that they don't have value when used within their parameters. At up to and somewhat past fifty yards they will do fine. The wadcutter uses up excess case space when using light loads to allow ballistics to be quite uniform. This helps accuracy at reasonable ranges (hence their popularity amongst NRA Bullseye shooters). Further, when driven to 900 fps or so, that wide meplat make them FORMIDABLE self defense loads. They are also EXCELLENT for edible small game loads as well as really good varmint loads at reasonable ranges. Ed Harris has an excellent article on "The Full Charge Wadcutter" that explains some of the advantages when used properly.
In smaller calibers (.32's and .38's) I find them very desirable for squirrel loads as somewhere past fifty yards they start to tumble and provide extra safety if a squirrel and it's tree are missed.
FWIW
Dale53