I'd be interested to see how they got the 95% failure rate. If the TSA was sneaking in actual bombs that could bring down airplanes, that is a horrific. But if they were testing someone bringing in a nail clipper with a 1 inch blade tucked into it, a plastic gun, a disassembled "bomb" with no explosive residue, etc, then it's not that bad.
The fact that there have been attempts to blow up airplanes, and they all involved using explosives designed to get around TSA procedure suggests it works or terrorists think it works. The shoe bomber had to put a tiny bomb into his shoe without electronics. The underwear bomber had to build a crude bomb on board the plane.
If there was no security, they'd walk on with a prebuilt bomb and take out a flight.
In the 60's and 70's there was a goldenage of hijacking airplanes. If you could just walk onto a plane with a gun, people would do it again.
Maybe you think that risk is low enough per flight to not matter. Objectively it's still less risky than driving to the airport. But like you allude to, the people aren't going to buy that argument. "Just accept that al Qaeda or Isis will bring down a 747 or two each year, it's still safer than a roadtrip" will get you punted out of office in record time.