Is expending such a high level slot viable for extra damage per hit? Rather than just a higher level spell that deals direct damage? Shatter spell comes to mind.
Pure damage without the messy need to maintain Concentration.
Here's the thing: a warlock, as you say, have fairly limited spell slots. That means that they're going to spend a lot of time in combat using eldritch blast, preferably with the Agonizing Blast invocation. Hex makes that at least 30% better (based on comparing 1d10+5 to 1d10+5+1d6 - at lower Charisma values, the value of hex goes up).
A shatter cast at 3rd level deals 4d8 damage, or an average of 18. A 5th level warlock casting a hex-enhanced eldritch blast deals 2x 1d10+1d6+4 (I'm assuming Cha 18+ and agonizing blast at this point), or 26 points (spread across two attacks that usually have about a 2-in-3 chance to hit). That's fairly even, but then the hexer does the same thing again next round, and the one after that, without spending more spell slots.
Hex isn't the super-best spell ever, but it certainly pulls its weight.