It only tends to happen if you submit too late (down to 2 or 3 bars at most) or if you are way off the escape vector. Often the escape vector flips behind me (don't know if this is intention or a bug) and it's hard to see where it is from the circular indicator. In this situation, the interdiction fails very quickly.
In most situations you're right, it's not worth fighting. The only real exception for me is if I'm approaching a rare signal source and don't want to "lose it" by submitting and dropping into normal space.
Ok, that makes sense, and I guess trying to follow the vector at that point is worthwhile.
The escape vector veering very wildly, including behind you is I believe a bug, and it does seem to be fixed in beta 2.2. I still got a few pretty wild swings, but nothing as bad as it used to be in live (when I was still doing interdictions). None of my testing in beta had the insta-fail, but as I said, even when I was centered on the ship, my blue progress bar didn't shift at all. Frustrating.
I think in principal, if the mini-game was more 'reliable' (that's the best word I can come up with), then fighting interdictions would be worth it. All the multiple interdictions that players complain about from mission generated opponents would be gone, but I just think that for a lot of players, the mini-game isn't fun, and it's surely very punishing if you lose it. Not a great combination.