Lab in Photoshop predates RGB working space by many years and was at the time, the only device independent color space one could use (Lab IS useful for that).
I dunno. How about CIEL*u*v*? Both Lab and Luv were standardized in 1976, well before Ps. I'd like it if Ps at least had a Luv color picker and Luv readout, if not being a three-quarter-fledged working space like Lab. I agree with Andrew that the sun is setting on Lab's usefulness as a working space. 16-bit color helped it along (it was asking for posterization to use it in 8-bit color), but ProPhoto RGB has gotten rid of one set of reasons to use it.
Luv has the property that, at any L*, the range of the visible colors is easy to figure out and plot. The display even looks familiar to many, since it's pretty close to u'v' chromaticity, with its horseshoe for the spectral locus. Having that spectral locus means that Luv has a measure that Lab lacks: saturation, defined as the ratio of the distance of a color to the white point at the luminance of the color to the distance from the white point to the spectral locus at the hue angle of the color. So, in Luv, we know if any set of values is visible, and how far away it is from not being visible.
Luv is not completely perceptually uniform, and neither is Lab; both are off by about the same amount, but in different places.
I know why Ps picked Lab in the first place; a big part of the target market was the color prepress business, and Lab was a standard there. Luv was used by the people who worked with displays. But today, lots of images are prepared for displays.
I'm not holding my breath, but I'd sure like to see Luv in Ps. Having it there would solve much of the OP's concern.
What would *really* be nice is a cleaned up Luv, kind of like what Bruce Lindbloom did with Lab, so that constant Munsell hues are on constant Luv hue angles.
Jim