I played a historical RPG set in post-Roman Britain, which was pretty much a DnD chassis, similar combat, etc. In it, you had your traditional attack roll in combat, which did damage. However, each weapon had its own Shock value, and AC target. You did shock damage on a miss if the if the attack roll failed, and the target has equal to or less AC than listed for the weapon.
I liked the mechanic as it added another layer to combat, made armor (or lack thereof) a consideration, differentiated weapons, and also pretty much meant you were going to take damage in combat (potentially ending the combat much earlier), and so really thought hard about engaging in fighting, or worked to stack things in your favor.
In DnD, HP being luck, meat, endurance, magic fairy dust, or whatever, or all of it, it does make some sense to me that the "miss" also eats up your luck, or endurance as you're getting out of the way, or beginning to tire, even if the blade never touched you.