...but fail to see the purpose of top quality glass fo paper punching.
I agree with you. In target shooting, we shoot under full daylight conditions.
A lot of the things that you pay really big bucks for in optics, are simply not needed for daytime target shooting. They are _nice_, for sure, but they don't actually help you shoot better scores. For example, very good light transmission, freedom from chromatic aberration, trueness of colours - the better you do these things, the more expensive the optics get (and quite quickly too, as you go up the quality scale). Yet these aren't needed for target shooting.
A hunter can (arguably) justify paying-up for a top-notch scope that might give him an extra five or ten minutes of hunting time. A photographer can justify paying-up for top-quality optics that are free from chromatic aberration (colour fringing at the edges of objects). A bird-watcher can justify paying-up for a spotting scope that gives absolutely true colours.
We target shooters are a simple lot. The only thing we absolutely _need_ in a target scope is an absolutely solid and reliable reticle, that doesn't move when you don't tell it to, and that moves exactly the correct amount when you tell it to move. Clarity is not absolutely essential, but it is a nice-to-have, that can help your shooting performance (the better you can see mirage, the better you can stay on top of the wind conditions; if your rifle scope isn't top-notch, you'll need a top-notch spotting scope).
BTW I've never been able to see bullet holes at long range, not even close to seeing them. I've never needed to, either.