This isn't strictly true, and the reason why is why I'm very dubious about the oft-repeated claim that counterspelling sucks.
Personally, I think it sucks even more than the grandparent poster makes it out. The problem is definitely the action economy, and that you have to target
one specific caster on your turn for counterspelling. Thus, by the RAW, counterspelling fails in any of the following cases:
(1) You don't know who the caster is in an opposing group.
(2) The enemy caster casts something and is out-of-range for the requisite countering spell.
(3) You fail your Spellcraft check to identify the spell.
(4) You don't have the right counterspell available (exception: Dispel Magic).
(5) The enemies have 2 or more casters, you target A, and B does something devastating.
(6) The enemy caster is dual-purpose and makes a physical attack instead of casting.
(7) The enemy caster is invisible or otherwise un-targetable.
These problems are so numerous I can't see how anyone gets through the whole checklist successfully in a normal combat to make it work. The
only exception, as you note, is a 4:1 fight against a solitary, targetable, spell-only figure with no wand/staff -- and I'd think those situations are very rare.
With direct damage you can technically say "I ready to shoot
fireball at anyone who starts a spell or spell-like device" and neatly capture all these cases.