Yeah, this is all true. It's not the situational nature that makes me think it's a bad item, though. It's the fact that I don't think it's worth the gold. There are items that are situational for supports that I still feel are worth the gold that I'm spending on them.
This is getting a little off topic, though.
This is getting a little off topic, though.

Olaf can build Zeke's for his team.

http://www.mobafire.com/league-of-legends/build/duffs-336706
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Maybe in some situations, yes, but overall, not what I think of as a "good support item".
That argument goes for most support items. WotA is only good in certain comps. Zeke's is only good in certain comps. Abyssal is only good in certain comps.
Doesn't make it a bad item.
I think Zeke's is still viable on supports and possibly some tanky melees in certain circumstances. Doesn't really compare to starks, but it's not useless. I've built it a few games when it was appropriate.