I am a proud user of a Heatproof Bronzong. I have a Celebi to eat EQ, so I'm not too badly hurt by lack of Levitate. It does the most damage early on, when they switch in their Infernape or Heatran to try and kill me off, and I get the surprise kill. After I've set done SR and put something to sleep, Zong has done most of what he was meant to do. Being able to get a surprise kill on a very dangerous Pokemon who can do a lot of damage to my team makes the lack of Levitate worth it in many cases. Pokemon is all about prediction. Throw off their prediction with a choice like Heatproof, and even one turn where you throw them off balance can win you the match.
It's similar to the reasoning behind suicide leads. It seems like a waste to remove something that can be used for something different, but if it did it's job, was it a waste? With my Heatproof Zong, I've put something to sleep, laid down SR, and crippled a dangerous threat. By the time they realize it's vulnerable to EQ, I've done exactly what I hoped to accomplish.
It's similar to the reasoning behind suicide leads. It seems like a waste to remove something that can be used for something different, but if it did it's job, was it a waste? With my Heatproof Zong, I've put something to sleep, laid down SR, and crippled a dangerous threat. By the time they realize it's vulnerable to EQ, I've done exactly what I hoped to accomplish.