I would not say that I am wrong. From the perspective that with foam core you are just bouncing light off of it, your angle between the speedlight and C-stand better be spot on. With a 50" softbox holding one speedlight, you point and know where it will go, where as being off by as little as 5 degrees can affect light drastically. Both work, but a softbox for photography is using the right tool for the right job and will do it better... and it is more diffused light than if bounced off a foamcore sheet. Direct reflected will always be harsher than light diffused through a soft material.
As far as effectiveness, the 50" Apollo with a single SB-600 at 1/4 power gets me an entire room of 20ft X 30ft lit at F/4-F/4.5 near anywhere I stand in that room. If I add a 2nd SB-600 into it (very easy), I do the same at 1/8th power.
Talking about weddings, If I install my 1,000W/s studio strobe in it I can, from that one source about 12 feet off the ground, light a 100ft X 100ft reception dance floor at 250W/s @ ISO 400 and F/5.6. Not so easy to do with a foamcore reflector, where you need to deal with 2 things vs a light in a softbox (one item). This becomes even more important as you start needing to be more mobile and/or are alone to move your equipment from spot to spot.
I'm not a big fan of using video technology for photography and that C-stand, unless someone holds it, will fly away in the smallest breeze outside... thats another issue that a studio head in a softbox suffers less of (especially when there is a 25lb battery pack attached to the stand).
Different strokes for different folks, but some strokes are just less effective. It is still always a choice, I suppose. Kind of like going precision target shooting... you can use a kidney-buster shot gun point blank or that scoped rifle from 200 yards. Both get the job done, one is just messy... lol