It is a rating which, in 40 years of experience, has proved to provide privileges entirely commensurate with the experience, training and testing requirements associated with the rating.
If this is really is the case then nobody has properly explained why it was rejected and thrown out the window by EASA.
If there's any 'overkill', it stems from the ridiculous CAA attitude that the IR should be a 'last chance check' of suitability for airline employment, rather than a check of IF skills.
That is what the ATPL checkride is for!!