It's sitting there in that block of six keys that you use all the time when editing text (home, end, page up/down, delete), and it's a little timebomb. You would invariably hit it by accident at some point and change your editor into "overwrite all my stuff" mode.
It would usually take a minute or two of ruining your document before you realized what was happening and spent the next several minutes repairing the damage.
I would go years at a time without ever hitting that key on purpose, so I just kept it in a drawer, in case it ever needed using.
Now, as a developer, there's an Insert in tons of useful keyboard combos, so it needs to stay there. And laptops have ruined that old useful six-key block so it's a lot rarer to hit it by accident.
But it had no business being there. Fifteen years later, I'm still not a friend of that key.