You just have to learn to leverage the advantage it gives, like you do for any other trait. Despite all this I still think it is one of the weaker traits, but not so weak that it is worth complaining about.
You are correct but it difficult to think of a situation in which I wouldn't trade it in a second for financial or most of the others for that matter.
Beyond all that, this discussion leads me to think that the concept of traits could be rethought. As it stands now, it is a label that gives some very specific, often era specific advantages that don't reflect the concept in a complete way. I think it would be worthwhile to instead look at a more encompassing interpretation of each trait.
For example, protective could be interpreted as a persistent policy of civil defence throughout all time periods. So instead of double speed on walls and castles, make it something less but extend it to things like bunkers, security bureaus and bomb shelters. Alternatively, make those buildings more effective once they are built. The unit advantage could be changed to a 10% defence (and maybe 5% attack) bonus for all units within one's own cultural boundaries.
Likewise, Industrious gives a large kick on Wonders and double speed on forges. Only forges? Again, make it less of a speed bonus but extend it to factories, Industrial Parks and the various power plants. Again alternatively, make those buildings more effective once they are built.
There is a lot of creative potential that could be explored in this area and it could spill out past the leader traits to the civilizations themselves which tend to be limited to a unique building and a unique unit. Those things are interesting but fail to capture the essence of national cultures in a holistic way.
The trick, of course, is to keep things balanced. Financial is narrowly defined now because it previously was seen as too powerful (fast banks in addition to the tile bonus).
Maybe Civ5 moves in that direction to some extent, I don't know. Unfortunately, I seriously do not like;
1) removing all unit stacking
2) automatically giving cities a substantial defence and bombardment strength
3) getting rid of named religions that create diplomatic factions
so Civ5 is not on my to-do list anytime soon.