I don't think anyone but the most uninformed would argue that fail2ban is an actual secure measure, it's more of a log file annoyance reducer. Obviously if you leave remote root enabled and the root password is one of a few dozen thousand common words that exist out there in public-domain password data sets, fail2ban isn't going to help much. As with the example of all the random botnet things out there that randomly try a popular list of dozens of common usernames (admin, root, webmaster, etc) with common passwords.
With things other than SSH it can also be effective in the most rudimentary first level filtering out of spam, various things that attempt to relay mail through my server get themselves first banned, and then banned for a longer time after they keep re-trying. Again with primarily the goal of having less cluttered postfix logs.