With a question like this, it seems to lead to thinking more is more: more knobs, switches, gain stages, etc. allow for more custom tweaking and dialing in with precision—so, necessarily, that means that it’s more versatile.
I think that there’re diminishing returns there. With the ability to modify circuits, we can easily add options simply because we’re able to. But, does that proportionally add versatility?
The ease of making a new pedal can lead to a lack of exploration with circuits themselves. For example, you can get very nice overdriven sounds from rudimentary fuzzes with the interaction between the guitar and the fuzz pedal. That can easily be overlooked because a “fuzz is a fuzz and I’m going to approach it and use it as such.”
With the rat, dirty boost, OD, distortion, and (somewhat gated) fuzz sounds can all be found. Is it the “best” at all of those? That depends on what your preference is. But, it’s much more than just a distortion.
I think that the available number and variety of circuits may discourage really digging into a single circuit to find everything that’s there. And, of course, this applies to much more than just the rat. That’s just my preference.
Now, this won’t hold true for everything, but I do think it’s useful to investigate the full potential of a circuit rather than pigeon-holing it into a narrow use category.