For many users, ULS serves no practical purpose. It is also quite large, which can be problematic if you're not on a first-world internet connection (or are in rural US), is occasionally host to somewhat problematic bugs, and generally is not worth the trouble if you're not part of the target audience.
So there should be a way for such people to just turn the thing off, not load it at all, and be happy.
I appreciate that adding an option for this has been been wontfixed, though I don't know why, but even without there being an option in the interface, there SHOULD be support in the extension itself to disable it, regardless of where it actually appears.
There should be a way for users who are truly and consistently inconvenienced by it to actually solve the underlying problem (such as with a hidden preference or cookie), instead of just hiding it. There should also be a way for third-party hosts to add such an option for their users who also fit the target audience, even if they don't necessarily want it on for everyone.
As it is it seems to inconvenience as many people as it helps on wikimedia projects, and isn't very appealing to third-party hosts, either, despite it solving some very real problems facing some of our users as well.