It's not "useful" if your goal is to intercept and decrypt messages that are supposed to be secure, which is what both regulated entities and baddies want to do.
If you don't require forward secrecy you introduce a weakness. The protocol won't distinguish between whether that weakness is being exploited by regulated entities or baddies.
You don't need to weaken TLS in order to do what the regulated entities want to do - you just need to do the retention on the endpoints. The issue isn't that they can't do that, it's that they don't want to do that, probably for cost or convenience reasons. Those aren't reasons to weaken TLS for everyone who actually wants secure comms.