The problem for me with that is that I might want to hold chords some way away from the capo for some high zingy chords. My index just can't do with a variety of cords, what a capo can.
But I'm only speaking for me. I'm lazy and didn't want to spend time learning 65 variations of every chord when I could do so by utilizing the capo and varispeed. I'm about the sonic result, not necessarily the process. Although I do enjoy the process.
I'm also glad when it's over !