Ramming is a roll of the dice, so as a tactic its a desperate one but I agree that it should absolutely remain in the game and the fact that its random makes using it a lot less common.
It does have its uses. Terrorism for example. I blockaded a particular port a while back and was ramming traders making it impossible for them to dock, forcing them to leave. So as a tactic, it was very effective.
I've also used it against the police, sometimes when I fight in a group and my death is certain I can save my mates by taking one of the enemy with me or at least damage them to give my friends a fighting chance. Again.. tactical.
Another way I've used it is as a way to throw someone trying to do a jump. By throwing them of course they remain in the system giving me and my mates a chance to take em down before they escape. Again .. tactic.
So there is value in ramming, its a dangerous en-devour and the results can be quite unpredictable but there are plenty of situations where it can be quite useful.
I don't think people realize though that if the results of ramming where predictable, no matter what they are, ramming becomes even more of a tactic than it is now. If I know what's going to happen when I ram, I will find ways to use ramming to my advantage. Random is actually the greatest deterrent to ramming.