Besides pointing out that you absolutely took the wrong point out of the entire post, you are wrong XD. The peel is really stupid if you know how to place boxes and who to slow. It gets even better when you toss out your duplicate. It gets to even more stupid proportions when you go tank or ap shaco. Just saying. And now to break through all your points beause wow is it wrong.
"Weak Peel"- No, fear is the BEST peel. Especially if you know how to place your boxes correctly, same with Teemo shrooms. Not where people are going, but where you want them to go.
"Damage falls off hard without items"- K. But is that the point? You are a support, literally all you do is CONTROL AN ENGAGEMENT. That's why you have either an engage or disengage. Clone to engage, fear to disengage, dagger to peel, disappear to repeat or retreat.
"Super Squishy"- Ok, so build something tanky?
"Melee"- So is Leona, Blitz, Maokai, Nautilus... well yea...
"Boxes get 1shot by aoe in team fights"- Yes they do, but if you place them pre-emptively, like a smart psychotic little clown, it doesn't matter- you got the necessary effect. You feared someone(s) for roughly a second which is a fantastic stun. If done perfectly and with cdr, you placed 6 boxes and are REPEATEDLY fearing them. You dominate a teamfight with those boxes. They have to charge deep, you get free cc on the tank if he charges (and assuming you have damage, as he pops) or massive amounts of disengage on the enemy team.
"ect"- I assume etc, so in response I say ETC good sir.