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Frankly I beg to differ; even when the opposition has no buildings the instant slow, huge radius, massive crown tower damage, and long duration allows it to be quite impactful vs. any defensive ground unit, allowing fast-moving units like Hog Rider/Royal Hogs to get far more damage than they otherwise would've when paired with a Log. It somewhat emulates poison when it used to slow, but even then it, along with Log, are far from direct comparisons.
I agree - people really underestimate cycling Earthquakes. It's pretty common to see people cycle Log or Zap for chip damage - 2 Elixir for 84 damage (42/e). Meanwhile, a cycled EQ is 3 elixir for 183 damage (61/e). It's not ideal but I don't think it's a totally dead card either, especially if you factor in the slowing effect producing 'extra' damage from your Hog/Giant getting more swings in.