Wrong, it's not useful only at the beginning, it's even more useful as game progresses and I do it all the time. Typically I will make ammo out of surplus hulls just to restock what I am using without having to pay for it. But that's only a part of it. Reloading Bench gets really cool after I grab Hand Loader perk allowing to make awesome custom ammo.
10mm JHP - +65% damage
.308 JSP - +50% damage
.357 JFP - -20% spread, -3 enemy DT, +25% damage
45-70 SWC and .44 SWC - +20% damage, -6 enemy DT
.50 Match - +15% dmg, -35% spread
Since you can make those by simply converting basic ones, they aren't hard to make, they often leave surplus materials and they actually increase gun damage by quite a lot.
* .308s are the best example here, find me a perk that would increase your damage by 50% on every bullet, I freaking dare you.
* Another example, hand-loaded .50 MGs for Anti-materiel rifle make more damage than AP rounds of the same type, guess what's easier to acquire.
* Finally, give Tejada a Ranger Sequoia with SWC, enter a Cozador nest and just watch.

How hard is to buy 300 of basic ones at Gun Runners, walk three steps to the reloading bench next to the store and convert them to 200 rounds with half more damage?
Another excellent example of customizing ammo are .12ga shotguns. 12 gauge ammo comes in a number of types:
* base
* magnum, +15% dmg
* beanbag, no damage but slows enemy down
* slug, crowd control, more spread
* coin shot, made out of denarius for sale with huge profit margins
You give enemy a few beanbags, then finish him off with magnums. Dinner Bell from being an average gun suddenly becomes your all-around boss-killer.
Finally energy weapons, why not make a bunch of max charge MFCs and switch Gauss to them when you need to send Mommy Deathclaw flying?
You still say you can't be bothered to make your gun do 25-50% more damage at almost no expense? Well... stop playing on easy?
