I buy Cruisers for bombardment.
When you need an extra little amount of defense for your fleet (because the enemy just bought another fighter or bomber, as an example), but you know buying a destroyer is useless because the enemy’s fleet is destroyed, and buying a BB is overkill and doesn’t give you same amount of bombardment per IPC, THEN you buy a cruiser.
I often buy cruisers when I am playing as UK, and also as USA in the atlantic. When playing Low Luck, it is very very nice to have at least 6 points of bombardment available in your fleet [that is 2 cruisers/bb], that way you always get a ‘free kill’ during your amphibious assaults.
It is the same reason I buy Frigates in Napoleonic Empires. They are the best pound-for-pound bombardment source, and they aren’t that bad at fleet defense.
At most, I could see their price come down by 1 ipc.
If their price came down by more than that, or other silly options like AA shots or extra movement, then they would be OP in my opinion.
If you really feel like it, you could always just rename your Cruisers into “Bombardment Boats”, that way you are very clear about the purpose and situation of when they will be purchased.