Scott, a neutral fish may need an attractant if the lure were laying on the bottom (deadstick), but 99% of my presentations are motion based, even with very slow motion. The strikes from even neutral fish, come on the erratic swim, slide or drop.
Even ice fishing, I've used a 1/2" microtube, jigging or barely moving it and found that scent wasn't need to pull in crappie and y. perch out of a school. I use small Swedish Pimple spoons with soft plastics and do well without meat or scent. Granted, a mousy does increase the bite on some days, I'll give you that, but I wonder if it isn't the slight motion the larvae makes before it dies.
Dead bait don't usually catch fish yet I'm sure they still 'smell'.
River fishing is probably the biggest waste of scent since the fish has to be directly downstream of the scented bait for it to detect any molecules of scent.
You may have a point if you think fish hold onto a lure longer due to 'taste' detection. But I've found that reaction strikes, (most of what I get), give me more than enough time to set the hook. In fact, with braid, the fish set the hook themselves with little hookset from me, which gives me all the time in the world to begin playing the fish.
My basic lure attractants are sight (color, flash, pattern), sound (reflected vibration and lure vibration),and motion (lure-inherent and presentation/angler induced).
You ever wonder why plastic worms (especially Senkos) catch far more bass than the real thing and especially on turned off fish? It's not the salt. Gary Y. doesn't advertise attractants on his lures, yet the bait can be fished like live bait and is picked up, carried away and swallowed like the real thing. (The salt affects drop rate, softness and action.)
My biggest use of Formula is to add an oily sheen to a dried out soft plastic and to grease it up so it slides over lily pads easier.
All other lure types (spoons, spinnerbaits, crankbaits, topwaters) just never need it (especially as much as Berkely would like us to believe). But confidence is a big factor and what works for you (in case your reasoning is valid), works for probably a thousand others that use scent regularly.