It's nice having a free pass, but if I was without it I would just use the gym on campus, like I used to.
And yeah, people do think it's worth it, because they have good classes, and well equipped cardio rooms, etc. For someone who's interest lies mainly in lifting weights, it's not the perfect gym for that. So yeah, the fact that it's not worth it to me, but is to other people is a completely viable thing to say.
Some people also don't think it's "worth" it to pay $600 for a leather jacket, some people do.