It's a big world; if you are on the world stage, it is quite difficult not to offend somebody no matter what you do. There are experts in the fields of diplomacy and etiquette who devote their careers to getting this stuff right, and usually even then there is someone offended about efforts to be so "proper". ;-)
So, I think it is a perfectly valid apology if basically the only thing you regretted about your actions was that it made someone upset. Most people don't get off on pissing other people off, but they do want to live their life and go about their business. That apology is perfect for that context.
What's freaky is when it is used for cases where you'd think there'd be a lot more that someone ought to be sorry for. What's even freakier is when someone everyone pretends it is apologizing for more than it is.