Unless you’re consistently getting +1 ranged defense increases, as far as the defense goes, using Initiative at +5 (which translates to basically +1/+2) is worse off than just picking up ranged defense. Dodge and Anticipation interfere with each other as far as choosing bonus points go; ranged fighters typically get ranged attack, max fatigue, and optionally max hp to prevent one-shots from heavy crossbows to the face (through their mail coif). Meaning you really only have one other stat to invest in: defenses, or initiative.
But sinking points into initiative also boosts initiative, which lends itself into many other benefits (say an overwhelming suppressing fire build. Enemy archers and even polearm users are no longer a problem.)
Besides, the perk uses your total net initiative, not only the extra points you dedicate to it every level up. You really don’t need to sink many points into initiative in order to greatly benefit from this perk. Equipment choice matters more.
