The problem is not tobacco or nicotine, it's smoke.

Nicotine alone isn't really addictive and yields almost no reward [0], which is why nicotine replacement therapies are so useless [1]. It's only addictive due to other substances, majorly MAO inhibitors. However, these same MAOIs protect tobacco users against Parkinson's disease [2]. Given all that, along with mild caffeine-like effect from nicotine, smokeless tobacco (including tobacco extract eliquids) is probably beneficial. Banning tobacco in general would be very bad.

[0] http://www.jneurosci.org/content/25/38/8593.full [1] http://onlinelibrary.wiley.com/doi/10.1111/add.12429/abstrac... [2] http://aje.oxfordjournals.org/content/155/8/732.full