OP makes valid points but there is value to having your "ticket punched" by a major publisher vs. self publishing.
That may change but it still has value today. It's not all about money or how many are sold. Being vetted and accepted by a major publisher can open doors and opportunities to other things. Can get you mainstream media attention which can be parlayed into opportunities as well. Selling a large quantity of books on your own can also obviously (key: large quantity) however don't discount the value of chokepoint.