It is actually a very useful tactic that can be the game changer if you Have bad gear. There are many ways you can use it to your advantage and all of them will help you win a fight.
If you quickly hit someone with your fishing rod before you go into a fight, it will stun them and will allow you to get an extra hit or two on them. It also helps when your are trying to light people on fire. Hit them a few times with the fishing rod and then put the fire down.
If you are chasing someone, try to hit them repeatedly with a fishing rod to make them bump into something that will stop there sprint.
You can also use it to block glitch up two blocks by jumping and hitting yourself with it.
These are just a few of the many things you can use the fishing rod to your advantage, hope this helped.