It’s a rather limited way of looking at it.
It’s not like the only 2 things you can do in the game are “shooting” and “not shooting”. In comparison, IO is not cutting it vs straight up shooting. But what are you doing while the stacks accumulate by themselves? If you’re just standing there doing nothing, you’re wasting your time, but If you’re throwing grenades for example, then it’s just pure extra. There are a LOT of things you can do during that time. Reloading, summoning DT, throwing grenades, swapping guns…
You’re right that it’s not worth stopping shooting to stack IO, but it’s not what it’s intended for.
It’s a stop gap skill. It’s meant to even out your DPS. It’s meant to make it so that whenever you decide to do anything but shoot, you’re not penalized for it.
With a playstyle that revolves around shorter mags and more frequent reloads, IO alone makes up for the difference. Instead of seeing it as a bad alternative to shooting, If you see it as a way to enhance everything else, it starts to look much better. 
Edit: Another example is sniping. If you are sniping, you’re likely taking your time to aim, and if you miss IO doesn’t go off. In that case, IO is just pure extra too.
Also… please don’t bring the Bee in there. Crutches are just that. If you’re using the Bee, NOTHING is better than straight up shooting.