It all depends on what your doing and the kind of material your working with.
I'll agree that if the steel toe is crushed you're toes are most likely going to be gone. But what about the incidents where the steel toe is not crushed? These are the incidents that wearing steel toe footwear will save your foot.
I have had many people tell me stories about times when the steel toe protected them: The steel plate that came off of a sling and took the leather off of the steel toe but saved the foot. The 60# rail that was set down right in front of an individual during a nighttime project that ended up resting on top of the steel toe.
I've dropped a window frame and it hit my foot behind the safety toe and as a result my little toe was sore. But that has not stopped me from wearing steel toe footwear.
But don't get complacent with your overall safety just because you may be wearing, gloves, steel toes, safety glasses or what ever. These are only aids to help protect you. The best safety tool is yourself.
Brian Norden