Best explanation I can offer is that it's a middle of the road thing between a dodge player and an armor player, and the issue is that it's usually better to stack all dodge (I.E: Suit, or LBV with some perk decks) or all armor (ICTV), instead of trying to mismatch the two.

For HBV to reach full potential, you really need to get armor skills anyway - at that point, it becomes a question of why you're not just grabbing ICTV for an extra 8 points. (Really it'd be closer to 4 extra or even 2, because you would be taking Die Hard Aced for a HBV, but not for a ICTV.)

Plus, the only time you'd use it is when:

• You want speed
• You don't want to play full dodge with a Suit, and would like your armor to bolster either dodge or health regeneration
• You have no reason to run LBV, and would prefer a little extra armor to higher concelement and slightly faster movement.

And it would seem it's rare to want all of those things at once. (And I say that having used it myself on Sociopath builds - incidentally, HBV does go quite well with Sociopath from my experience.)