By that logic, we shouldn't bother securing wifi APs because everything's encrypted at the application layer anyways. Also, AFAIK SMS and VoLTE don't have additional encryption, so if the data layer is compromised, so are those services.
Sure. Why not? I do banking and I read my email on public, untrusted networks like airport and hotel wifi, Starbucks and the internet.
I see not problem with that.
Would you care to try doing your banking over my WEP-only secured 802.11b network?
This is exactly my point.