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It's also kind of dumb because while a team usually has only one guy out of 11 on offense who is a decent passer, others can run the ball effectively -- Mike Vick's running yards come at some cost to his RBs and even WRs. Drew Brees' passing does not come at a cost to Reggie Bush's passing (as we saw against the Ravens).
That's the most valid objection, yes. A QB's job is to get others involved even at the cost of himself. Not suggesting it's perfect. But a QB who can run does contribute in that manner to the team, so it's a "lesser of two evils" sort of deal.