Or you could argue it eliminates the flavor that needs to be eliminated; using your steak analogy from a sibling comment, drinking medium/light roast may be like eating the steak raw or frozen. Totally different flavor from medium-rare, just not the one many people want.
I recently had an unwitting encounter with medium roast (at the same "semi-fancy" price point as I typically buy) when my wife put some fresh beans in our coffee container. First cup I made, I was wondering why the coffee tastes so bad, bad enough for me to dump it. There were all those weird sour/almost soda like notes that should not be in coffee. Then I got suspicious about the look of the beans, then I asked my wife... "I decided it would be good to try something new" ;)