Steel toes have saved me from injury once. Years ago I made a safety video for work (heavy industrial setting) about safety toe footwear. Got several cheap pairs of steel toe boots and mocked up some accident scenarios. F-250 driving over the toes, no damage. Setting a pallet holding a 1800 lb motor on the toe, no damage. The only scenario I created that damaged the toe was rolling a pulverizer grinding ball (13-1/2" diameter vanadium alloy steel ball, about 500 lb) off the forks of a forklift and letting it drop 4 ft onto the toe with the boot on concrete. And even that did not cause a full crush, seems like it reduced the height of the toe box by 40%.
I consider steel toe footwear to be much like seatbelts. There may be rare instances when you're better off without, but in the vast majority of cases, you're less likely to be injured with the protection. If the impact is severe enough to crush a safety toe, it would likely be a partial amputation without a safety toe.
Safety toe footwear is required in most industrial settings.