Earlier quoted context omitted.
I don't know. It's always seemed more about point scoring. When we practiced against advanced students, they relied too much on kicks which aren't very practical against anyone who knows to move in. The sparring is too controlled. Plus, in real life you aren't wearing padding. That's just my take. But then I think some of the mystical "crap" has a physiological basis. How many of us breathe deeply?
The reality is that most people don't need or have much use for practical fighting skills, they need practical running skills. Modern Taekwondo is a sport and it can be great fun. If you can find a good school that isn't just a belt factory, it's well worth doing. Particularly if they teach a little Hapkido on the side.
In general, I'd have to say it really depends on the teacher...a good teacher can make any martial art useful, just as a bad one can make any completely useless.