Hey as long as food has a use, I'm happy.
In Fallout 3 it really did not serve a purpose unless you were a role player or had some sort of survival mod going. Open world games that have food, but there's really no point to eating it other than immersion or just because you want to, drives me up a wall. It's one of my pet peeves in open world RPG's.
The Elder Scrolls series for example. It has food, but eating it isn't exactly beneficial for anything but Mugworting for Alchemy. In Skyrim, you could cook...But why? A minor buff here and there but it wasn't exactly essential.
I like the speculation that food heals rather than health regenerating, although I have a gut feeling it does regenerate, but not as quickly. Maybe one point of health back per ten seconds. May as well go make a sandwhich or something in the meantime. Using a Stim or chowing down to expedite the process is the way to go, if not have those as your go-to healing options.
After all, HP regeneration was something you had to shell out for in New Vegas at that one clinic near the Strip. It wasn't cheap either, especially if you were like me and svcked really badly at Caravan and never saw Barter as anything more than a waste of skill points.