Per subject line: PBS kind of sucks, but it can't be eliminated as it's prereq for the entire archery tree.
Deadly Aim is a reasonably good feat, and incidentally fits the flavor of the phrase "point blank shot" perfectly: I don't have any range increments on this attack? Sweet! I can apply my precision to where it hits and not just what!
So how about it? Power Attack and Combat Expertise are the roots of their respective trees. Point Blank Shot replicating the mechanics of those feats seems pretty natural to me.
I disagree
PBS applies to a lot more than just Archery
It also serves to prevent an exploit
I also disagree with your "definition"
It enables better Point Blank Shots, basic Archery 101
Same initial study for any ranged attack for that matter, in real life