Im playing a multi-classed Swords Bard 6/Warlock 5, so I have first level slots with which to case Hex.
But usually I'm starting off combat with Slow or Hypnotic Pattern to take out or debuff enemies, then moving into melee to start stabbing enemies. If the enemies save against those kinds of spells, and I'm in melee combat, it's usually prudent to keep hitting the bad guys than to try another big concentration spell.
In cases like that, bonus action Hex (with disadvantage on strength checks to help my grappler friend) then keep hitting things is sometimes worth it. Especially since I'm using a 1st level bard slot for it.
It's the fact that I can cast Hex as a bonus action is the only thing that keeps it in rotation. If I have a turn to set up, then using an action to cast Spirit Shroud for an extra d8 is better, or there are much better things I can do with my concentration (I will soon have access to Greater Invisibility, for elven accuracy advantage, for instance).
But Hex being a bonus action and the fact that I can use a 1st level spell slot for it, occasionally still makes it worthwhile.
However, it won't be for long. Because Shadow Blade is also a bonus action concentration spell, and upcasting that does even more damage per hit. And we have a Twilight cleric in our group who is always throwing shade (twilight sanctuary) to make Shadowblade have advantage.
Shadow Blade with a 3rd level spell slot granting advantage and an extra 2d8 damage per hit over a rapier or longsword, is better than using the 3rd level slot for Eldritch Smite, even.
And now I have extra attack from Bard 6, the restriction on thirsting blade only working for your Pact weapon is moot.
So when I take Warlock 6, I'm switching out Hex for Shadow Blade.