But I don't think this policy is an empty dish. It lacks good timing, not raw power. It effects are slow but it gives I guess around 15 happiness when you have large progress empire with 10 cities already at 10 citizens, even later more. It's easily potentially more powerful than authority happiness. By the end of the game it can give you like 30.
You can also take for example authority while not warring, or statecraft that gives 2 delegates before founding world congress, or fealty/statecraft policies with faith/science to specialists before working many specialists, same with science from city-state when you have no allies yet, and I wouldn't call them empty dishes either. The fact that something can be taken as third or fourth policies doesn't mean it should be strong pick in all situations.
Could you point me to any other policy that by the time you are allowed to pick it up, it does nothing for the next 40 or so turns in any case?
The authority policy that gives science upon kills might not be as useful if you don't kill a lot, but there's always some barbs to kill. The other policy which grants better bullying does nothing if you don't bully, but usually you can bully.
Some policies have one or other effect that are for later, but they always carry another effect which is immediate.
Look, a good design is one that offers at least two or three viable paths, and one of them is the most efficient in some circumstances but not always the best option. You can pick authority and start with science on kills and be angry because you don't get to kill many units and think that you should have picked the other policy. But 1) you still get some science from killing a few barbs, and 2) there are stances where this policy is better taken first.
Could you say the same for Equality?
1 It does nothing for you at the time you are allowed to pick it. Not only is it inefficient but useless during the next two policies.
2. There are zero scenarios where picking Equality first is the better option.
3. On top of that, it's a bonus whose effect is difficult to achieve precisely because missing the thing that it rewards (local happiness) is preventing the trigger (10 pop in the city).
4. Heck, there are times that I take Equality last and still it does nothing really helpful.