Hard agree, from practical experience also. One thing will push you towards shadow dom (slots, for example) then ten things will push you back towards light dom. I don't exactly understand what the spec is aiming to solve with the way things currently are. But I do appreciate no build process.
Given the way most templates about Web Components are going it feels like a dirty secret that you don't need to use Shadow DOM at all when building Web Components and that it actually feels nice to build Web Components without it.