Yes, it doesn't happen often, but it does work. Think of it like a spinning back kick, over used it is useless, but when the time comes it is a nice surprise for the other guy.
It is also a low risk move, you don't give up postition to attempt it like you would with something like a arm bar.
Also, a technique doesn't have to get a tap to get a submission, by forcing him to defend I start a chain which can lead to something that does end it.