waste of time / effort / money, and not cost-effective to the owner. am I missing something?
Other posters have already addressed the problem with corrosivity of brake fluid which has aged and picked up water. And about every two years is a popularly accepted replacement schedule.
I have one auto with a Teves system, and on this one, if you don't maintain the brake fluid, you can get a big surprise...Rebuilt or new master cylinders will run well over $1000 to something under $3000 (I am told). Thank goodness, I havent had to replace one.
To bleed them, you remove as much brake fluid from the reservoir as you can, using a syringe or similar tool. Then you refill with fresh brake fluid and flush each brake line exhaustively, never letting the cylinder go empty.
There is a procedure for it, and it is relatively simple once you have done it.
Lots of people don't maintain their vehicles very well. They don't service their transmissions, they dont flush their brake fluid, they dont renew the coolant, and some wont even change the oil.
Those service steps, IMO, are important to maintaining a car, and are not a waste of money.