I think it is another case of two extremes, much like map contacts on or off.
Either the WO is too exact with the distance or there is nothing at all with the mods that remove the range.
IRL, I would think an experienced sailor can probably judge distances quite well up to a certain distance, as Hitman said above.
We however, with our 2D computer screens, lack that ability somewhat and I think of it as a crutch to offset that limitation. Kinda like locking the periscope to follow a target-it is a crutch to offset the limitation of having to manually follow a target while inputting information, clicking a mouse. etc.
I seem to recall a thread about maybe having the range be rounded down or up but it was not possible due to hardcoding issues.
I guess we have to settle with laser like precision or nothing at all.