The purpose of the rules, as a whole, is to create a game rich in both strategy (long term) and tactics (short term).
Chess is unique in that balance. For example shogi is much more tactical than it is strategic, and go is much more strategic.
Not being able to castle while in check tips the scales towards the tactical. Is it that important? Probably not. Compare it to something like stalemate is a draw (which is a large contributor to the strategic side).
True. Even some Grandmasters have been flummoxed by the rule, especially with the rook in 0-0-0