Agreed, leatherman Wave/Wingman fits in most environments just fine. A SAK also does the job while still looking inofensive
Seen like a tool, an industrial-looking artifact
It's what I use to do most jobs when in public places, and nobody ever sees the Xl folder clipped to the pocket. No need for that
Sometimes a bigger blade is useful, be it for pure extended cutting surface (more edge to last longer time cutting), to reach further distance or to cut some things in one single motion (twigs, plants, roots, watermelons, meat, fruit in my case). Maybe you have a yard that needs some cleaning, and carry a "folding machete" so as to not draw attention
As you say, YMMV and you might work in a cubicle or around the general public, but we always have to remember that there are many lifestyles in this forum,
we often tend to forget that not everybody here has the same people around, job, laws or needs.
In general, I think this is th "les scary" scale for most places: Slipjoint/SAK < Multitool < Folder < Fixed blade