For you they must answer those questions. For some (like myself) these are enough. I don't need or want to load all of jQuery unless I'm using more than just DOM selectors and manipulation. The projects I'm working on now all target the latest browsers so I don't care about IE 6/7 or backwards compatibility.
Yes, I could write one myself but this way I don't have to maintain the codebase. Nothing is a 'one size fits all' solution but for some this is a good start.
My point being don't dismiss it just because it doesn't fit your needs right now. It's still worth taking a look at.