I actually really like Bucks 420hc. I find it, along with well made knives in 12c27 to be some of my favorite steels used in production knives. Low carbide volume means high edge stability at low angles. Plus it is reasonable to sharpen, making a good working knife. If I hit some grit/metal/whatever I'm going to dull my knife regardless of the blade steel. That traumatic damage is then easier to repair on 420hc or 12c27. These steels also have great rust resistance, and high toughness. Even if everything else was equal between a knife with 420hc/12c27 and steels in a different class like cpm-m4 or whatever I would usually reach for the knife with the "lower" class steel. Then there's the fact that these knives are often very affordable. $10-$30 gets you a lot of quality knives with these steels. Even the beautiful 110 can be had in this price range!
If someone is having trouble with Bucks 420hc losing it's edge after a couple cuts and readily concludes the edge retention is "abysmal," especially on wood/plastic then I would say at least one of the following is going on. There could be unseen grit/abrasive material in the medium being cut. The sharpening technique may be inadequate (burr, fatigued steel, not fully apexing the edge, poor initial sharpness). Or maybe something was done wrong at the factory regarding heat treat/grinding. Heat treat problems are unlikely, since these low carbide stainless steels have been around for awhile and the heat treat method is usually down pat. In all the Buck, Mora, Victorinox, Wustof, ect knives I have had I have never seen a heat treat problem and I don't really hear about them either. I could see getting a lemon, but objectively finding all of Buck's 420hc across various knives/models poor compared to similar steels from other manufacturers would be unlikely. I also don't think you should see much difference between Bucks 420hc and Mora's 12c27 unless you are doing very controlled cutting and recording a lot of data. Even then, I reckon they will probably be about the same.