My wife came to the same conclusion about the time the insurance company denied it anyway (since she wasn't diabetic, "just" obese, and apparently they want to incentivize people to become diabetic.)
Weight loss doctor (where there is a huge waiting list AND it's expensive because insurance refuses to cover so much of it) put her on Phentermine-Topiramate instead, which has been pretty effective. The phentermine is the part of Phen-Phen that doesn't destroy your heart, and the other half is some random epilepsy drug that magnifies the phen. It's been effective for her, and got her past the plateau that she was at.
She's been consistently losing weight for over a year, but hit a plateau, and then had to wait 9 months on a waiting list to see an endocrinologist. She ended up with all the weight from a different shithead pill-pusher who put her on methylprednisolone without telling her, "by the way, you're going to put on 5-10 pounds a month on this shit if you aren't on a special diet."
I'm almost to the point of just going with cocaine. It's cheaper than an endocrinologist and she loves it already.