Doing something cool every 2nd round (at best) doesn't strike you as boring when everyone else is doing something cool every round (or twice or more a round)? That doesn't fix it, it just makes it less awful then "do something cool ever 3rd round".
But that only applies when facing multiple opponents that you can drop easily. 1 on 1, it's a fantastically useful thing.
No, it applies all the time. 1 vs 1 doesn't give you extra grapple actions - it's still going to take you until the 2nd round, at best, to do something cool (and since it's 1 vs 1 Screaming Club isn't an option). During that time your group still have access to all their cool bag of tricks - your role gets relegated to "hold him still while we're awesome". Which isn't cinematic, isn't exciting, and isn't fun. At least in multiple opponent situations you can screaming club one into the other - which is cool and certainly beats "I spend the next [HOWEVER LONG HE TAKES TO DIE] holding him still".
I'm not talking useful, or power - I'm talking cool and exciting. When I play, I want to be as cool as the guy who impales a guy on his spear, and then rips the spear out, sweaping it low so they can drop and then stab another guy - that's cool. I'm all about style for my characters, even if it makes them a little weaker - fun and narrative style trumps all. I'm certain there's a way to have a Grapple system that is both exciting and useful.
Additionally, many GMs also hate the idea of their final big bad evil guy being taken out of the fight in 1 round (there's been pretty extensive discussion about it since FCs release), so in a 1 on 1 fight against a special character, you'll find many (if not all) have either high Athletics as a signature skill, or Freedom of Movement. Which also reduces it's effectiveness in 1 on 1.