“If you stay within the rules the chance of a CFIT is zero. If you step outside the rules the chance of a CFIT is a lot higher. Ergo, stay inside the rules.”
If you stay within all of the rules at any time while committing aviation there would zero human error accidents and therefore virtually no accidents at all.
But we are humans and so there are still a lot of CFIT accidents. The margins for error when circling in a large jet transport in marginal weather are wafer thin when combined with low experience levels of pilots. Sure, if everyone was a top gun pilot like Maui there would be no problems at all, but most airlines experiencing rapid growth in regions such as Asia (where I work) or startups such as Virgin Blue can generally only attract crew with the bare minimum experience to occupy the seat. Employing top guns is not an option and so widening the margins for error is the only pragmatic option left. No circling is just one example.
“As for some regulators banning such approaches, are you REALLY sure. Seems to me that Jepps haven't caught up with that.”
Many airlines in the US such as American Airlines where my son works, no longer train pilots to conduct circling approaches and do not require any proficiency to be demonstrated, something which the FAA fully endorses. TERPS still publish circling minimums but most airlines wont go there.