I have seen it taken by other students for various reasons. There is the respect part of it as you said, also there is military interest. Some do it as either physical ed or science (JROTC naval science is what the transcript cards said).
I never took it but knew people that did, ad for their own reasons. Yes there were many troubled fellow students, as well as the not-so-troubled. And I have watched where many of them went after graduating. It is a class and by no means an absolute definitive indication of anything where you will go or what you'll do with your life.
In general it can and often does highlight (for your own personal mental note taking) the difference between honorable and ethical individuals ans those less so. Not only for those people specifically but it shows these traits of integrity in general--an interesting thing to see in any case but should you be interested in some field like psychology or such it can give you a bit of hands on experience in a sense.
In real life, those whom were honor-bound usually got privileged with positions that required trust and confidentiality. Those who weren't...didn't usually, though exceptions do in fact exist--one guy I knew became absolute pond scum but he also is now an air ranger combat instructor teaching marines how to fight.
Anyways, I seen people benefit from it. You can benefit from anything if you keep a mind to it and you are diligent about it.
"I cant see S***! --YOU GO TO HELL!" --Tourettes guy