In a game without bids, the med is still interesting in 50% of my games, and nearly all games I have ever played involve Taranto. Granted, 50% is not 100%, but still, it happens pretty often. In a game without bids, the Med can be, and often is, simply more fun and more interesting. I’m not saying no Allied help, mind you, just not a bidding system (I have been recently playing with +10 IPCs/turn -> USA).
In a game with bids, those bids often put a UK sub there to make Taranto nigh un-losable, and even an extra Inf in Alexandria/Egypt on top of that, and yeah, I can see how that pretty much ends the intrigue.