Fake out stops your opponent from taking advantage of you turn one and setting up. I do agree that protect is a very underrated option though, especially on full stall teams with unaware mons.Why people run fake out over protect on M-Sableye?
Is the minimal chip damage exclusively on the first turn you switch in worth giving up the possibility of catching doubles, Lop HJK mindgames, stalling out weather turns, burn stalling, and so on?
I just think that aside from the turn 1 fake out is pretty much a wasted moveslot when protect can come in handy in a number of scenarios. On phone rn sorry for any typos.