Does it? I don't think it does.
Clearly I'm a bit of a fat bastard but give me a break. I refuse to believe that I'm obese. My health, which is otherwise excellent, would seem to reflect this.
It seems that for general trends it might be helpful, that much I don't doubt.
Don't take this the wrong way, but I think your rejection of BMI is a psychological fear of being lumped into a category that you detest, or is socially detested. "Sticks and stones may break my bones, but words will never hurt me" is total bullshit — words hurt, and labels hurt.
If your losing weight in order to achieve specific goals matter dearly, then just ignore the labels and get to work. Each person is wired to respond to different incentives — you have to figure out what's yours, if you so desire.
Personally, I needed to get fit for Capoeira, and drop some weight so that I may turn
Au (cartwheels). Looking better at the pool & the beach didn't hurt either.