I agree with the OP. I haven't used a fire steel since I was a boyscout. While I feel that they have their value in extended situations for lighting fires repeatedly, they definitely are not what I would reach for in an emergency situation, and certainly not what I reach for when I need to start fires in normal circumstances.
There is a reason that, smokers for example, don't carry around a pocket knife and a tin with some flint and punk in it. Matches and lighters were developed because they are better and more efficient at what they do than sparkers.
Millions of people who could probably not start a fire with flint and steel to save their lives can now, in a moment of stupidity or negligence, start a fire that can burn down an entire national forest, thanks to the Bic lighter.
Personally, 99% of the time, if I need to start a fire, the only fire tool I will use is a lighter. A lighter, and a properly set up fire base is all you need.
And this is key: A properly set up fire base. You must - and I cannot emphasize must enough - prepare your fire structure correctly. Try as you might, you cannot set fire to a soaked, dripping wet, wrist thick branch by itself, whether you have a fire steel, matches, or a flamethrower. Especially if you are cold, scared, tired, you must realize that you have to put the work in to set up the fire, or you will not have the fire. Choose the correct location, spend the time preparing the materials before you strike a spark, match, or lighter. Don't waste time, effort, and materials on something that doesn't start strong. Don't try to feed a failing fire. Set yourself up right from the start.
In the OP's scenario, the only things I would have on me would be the knife - in my pocket - and the lighter - in my fishing vest. I would have to start that fire with a lighter. And I would.