Okay, look, you have a point. It can be used to counter an Orchid Malevolence, it can be a substitute for a Manta Style/BKB in a way, etc. But I don't think you are seeing things in a broad enough way:

I had forgotten to mention Necrophos in my little list of cores who often build Eul's Scepter of Divinity there, but the others that you mentioned do not build it often. The item is good for them, you are right on that, but more often than not other things are better: * Bristleback has amazing intelligence gain, Sange and Yasha is very good on him when he wants extra movement speed, he usually wants to invest in his durability and right-clicks instead, or utility that benefits his team mates or that are less one-dimensional, such a Pipe of Insight, Heaven's Halberd, Assault Cuirass, Crimson Guard, etc... Shiva's Guard is also an extremely good item for him which provides a lot of mana, in my opinion even Rod of Atos has considerably more synergy with him than Eul's. On dotabuff there's only a few items that are built less on that hero than Eul's Scepter. * Axe: Eul's Scepter used to be quite good on him when Berserker's Call would affect units during the cyclone, but that was an odd interaction that was recently changed and now the item is mediocre at best. I mean, it's still good, Axe likes mana regen, movement speed and the active, but again, way more often than not he prefers other things. Blink Dagger is obviously core and much more important on the hero, Vanguard/Crimson Guard are extremely popular, Blade Mail and Aghanim's Scepter are also extremely popular, Shiva's Guard is also very popular and synergyzes very well with the hero, fairly often you need a BKB, other utility items that are about durability are also very good and popular on the hero: Pipe of Insight, Heaven's Halberd, Assault Cuirass... Force Staff is also very good on the hero, usually much more interesting than Eul's Scepter because of its synergy with Berserker's Call, where you can use it to pull heroes towards a direction, like a poor man's Flaming Lasso. On dotabuff, Bloodstone and Ghost Scepter are more popular than Eul's Scepter of Divinity on Axe.