Only against melee monsters with short reach. Don't get me wrong, in the right scenario it's delicious, but it's not universally applicable either. E.g. you can't hide the party inside a Careful Web if monsters with 10' reach can surround it from any angle. They can reach any spot in the Web without entering the Web. So you need to pick the right placement for the Careful Web, and then avoid getting anyone grappled and dragged out. It's a great metamagic but not as simple to use as you're saying.
I think "most powerful metamagic for its cost" is debatable (Quickened is excellent for gishes, Subtle is powerful against counterplay and in certain kinds of noncombat situations, and Extended can double the healing output of Aura of Vitality and lets you long rest without losing Death Ward and Aid--my money is on Extended), but even so, that doesn't mean you need to nerf it into virtual uselessness. There's nothing wrong with SOMETHING being the most powerful.