I would say it's like calling the battery a fire hazard if the vents don't work, but actually that's not analogous because the necessity for vents doesn't merely arise from the need to protect against bad design of the protection circuitry. They're needed for safety even if your circuitry design is flawless. So the analogy is actually kind of poor in that regard.
An obvious example is web browsers, where a vulnerability can easily be uninteresting because it lives in a sandboxed process… until you find a sandbox escape, then it is critical.
As long as you suspect there may be other vulnerabilities in the other layers, it is worthwhile investigating and fixing them, because defence in depth only works until someone manages to put together a full chain.
A mistake is a mistake, whether you have a way to reproduce it right now or not. It's pretty much a given that whatever means you have right now to reproduce the problem will evolve and broaden the scope. Also, if you haven't found a way to reproduce the problem, it doesn't mean it doesn't exist: it takes a lot more effort to prove that it's impossible to reproduce than to simply not being able to reproduce the problem.
It's research, which often involves a ton of work for zero pay off. It's usually thankless and unrewarding, on the off chance that there is some exploit to be had.