I personally find it quite ugly and annoying/distracting. I don't know why Bethesda keeps doing it.
The reason why Bethesda keeps adding it is because people keep asking for more realism. In one breath people condemn Bethesda for not having textures being such a high resolution that they appear the same as if you were looking at them under a magnifying glass in real life and in the next breath they condemn them for using HDR to simulate realistic adjustment to light that your eyes do (seriously, try it! Look at a bright light then turn it off, everything will appear really dark for a few seconds until your eyes adjust, the reverse is also true from darkness into light).
Personally I like it, although I wish it could be toned down a bit. I do think it was a bad idea not to include the ability to disable it as plenty of people get motion sickness like symptoms from it.