Why the indirect gain selector?

Why use a selector switch that users have to pre-assign 3 different gain?
Wouldn't it be simpler to use a wheel to adjust gain continuously?
 
For one thing it's faster to be able to jump right away to a gain setting rather than cycling through them (an in the case of live recording, actually seeing the gain being cycling through). Second is that it's a lot easier to accidentally bump a wheel and up the gain than it is to accidentally hit a switch. Most people just set the three settings that they use the the most depending on the given situation anyway.
 
If I'm shooting in a dark theater and am trying to minimize video noise, I would want to set manual exposure at largest aperture opening, slowest shutter without motion blur, and adjust gain to suit the lighting. Auto gain cannot be used because of spot light effect (the performer in the spot light would be overexposed), so I have to use manual gain. If the theater uses only 3 different levels of lights, then it's great. But what if they use more than 3 different levels, then what?
 
I don't think gain selection should ever be used that much in the first place. To some extent, when the lighting in the theater changes the camera should only adapt minimally. I say, shoot bright all the time with the aperture a few stops from wide open. Then, use the the aperture to make those minor adjustments. If you ever need extra brightness, then you have 2 gain settings left over to overblow the gain.
 
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