I like using it for certain matchups. For instance:
Akuma: if he likes to play footsie with st.HK you can walk forward buffering it… if he throws out one at the wrong range where the first kick misses, you have time to react and punish with U2. It also beats ambiguous tatsu cross up and the dive kick from demon flip.
Bison: Most bison players will use scissor pressure and head stomp at some point. Counter ultra beats both. Also if you are psychic and tired of running into st.HK it can beat that.
Gouken: No dive kick pressure, gouken has no offensive game without it.
Cammy: Can’t spam dive kick pressure.
Balrog: Can’t safe jump you anymore.
Viper: Can’t Burning kick cross up safely.
Ryu: If they like to mash DP out of pressure strings, mash counter ultra out of your own pressure string and get some lols out of it.
Honda: Buttslam = dead.
Rufus: Dive kick pressure gets owned. No more ambiguous cross ups.
Generally my rule is that if they have a move that is commonly used that leaves them open to Ultra 1 then I use it, or if I feel I will be landing focus a lot, like vs Balrog. If they don’t have something that leaves them horribly open or I need an answer to their pressure, I use U2.