Fail2ban is also theater on properly configured SSH servers and has been since it was written.
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.
i've also seen significant reductions in idle cpu by using it and sending offenders to the timeout bin for 24h.
thanks for calling me "most uninformed" though.