Actually, lore is pretty useful. I'm sure you don't want to spend your spell slots on identify spells, and the glasses of identification can identify only three items a day. I don't know how often you sleep, but I usually come across more than 21 magical items a week. The only other way to identify items is to pay about 100 gp per item (whether it is a single arrow or a 40-pack).
Surely all those +1 items aren't worth the trouble to identify before selling them, and unidentified they're also worth nothing. Even with a relatively low lore you can identify those items, but the bigger ones can be identified on the spot as well (especially if you have a bard or a mage with high wisdom and intelligence). And, it's practically free too
------------------
The last arrow of Legolas kindled in the air as it flew,
and plunged burning into the heart of a great wolf-chieftain.
All the others fled. -J.R.R. Tolkien, The Lord of the Rings