Well, it is a good gross error check. And I love the way on the 77L it shoots up to the top of the scale.
Distance/time check has certain practical difficulties, particularly at night which is most of our ops.
And think about this: even a distance/time check would have to be something calculated for each takeoff to account for weight/rwy etc etc. The key word is "calculated". It would be subject to the same input error.