The beauty of an EPIRB is it can call help from hundreds of miles away. The un-beauty is that the responders might have no idea whether they are looking for a burned-out hulk, 5 people in a liferaft, or someone on a perfectly sound vessel with a broken pinkie.
Three-miles out is within VHF range. Heck, 30+ years ago, I heard conversations between USCG Miami and boats on the Bahama Bank.
An open-airwave VHF call gets the attention of everybody who has bothered to turn on their set, not jut the satellite monitors. By the time the SAR people have called the emergency number on the EPIRB registration to make sure Billy really is out fishing today, Billy's buddy Bill, fishing a mile away, will have heard him on VHF and gone to his assistance.
Here on Chesapeake Bay . . do I need an EPIRB to ensure I'm safe on my way from Reedville to Tangier Island? Heck, the road I drive to town has less traffic than the Bay.
As for me personally, if I ever got the chance to head offshore at my time of life, I'd be in Webb Chiles's camp.
Someone mentioned airbags. I don't think an active restraint is in quite the same category as launching a squadron of helicopters and C130s.