If you already have a modern smart phone, I wouldn’t bother. It is basically an oversized smart phone without phone calls. Ive had the same thoughts as you but decided to spend it on things that I’d get more use from.
This is all wrong. I have an iPhone and recently bought an iPad and the difference is huge, bigger screen, bigger apps with more accessibility. I’ve been using it for work, for browsing, for email, for films if out and about, apps that work with the home wifi for controlling music and movies. It’s a fantastic piece of kit. Yes, an iPhone/smartphone can do similar, but the bigger screen to me makes such a difference.
All depends what people plan to any iPad/tablet for, I use it for loads of different stuff, some might not.