From STOWIKI and highlighted for relevance:

This skill improves your Starship's Accuracy value. The higher your Accuracy, the more often you will hit a target. The target's Defense value can counter Accuracy. If your Accuracy exceeds a target's Defense, you cannot miss with an attack on that target. Furthermore, the amount by which your accuracy value exceeds the target's defense rating, is converted into additional Critical Hit chance and Critical Hit Severity ensuring that no points in this skill can be 'wasted' by exceeding the percieved 'hit cap'.

It is not confirmed if Starship Targeting Systems and Starship Maneuvers increase proportionally to each other (i.e. That 1 increment of Starship Maneuvers is equal and inverse to 1 increment of Starship Targeting Systems).

Due to the mechanic of converting 'overkill' in this skill into potential additional damage to the target, it is impossible to waste points in this ability, every point spent will increase damage dealt.

This skill certainly gives greater value in PvP than in PvE, but it is useful in all space combat situations.

This ability stacks with all other factors which affect Hit Chance and (when hit chance is over 100%) Critical Hit chance and damage, therefore, in a high crit build, maxing this skill can add a significant amount of damage dealt, especially against targets whom have not heavily invested in their defense.

I think you are assuming that because the ACC < DEF = 0 DMG, which is clearly not correct. All you will lose with ACC < DEF is the convertion to Crit H and Crit D.

A shot that misses completely does zero DMG. Think back to when FAW had 100% accuracy and the mess it made of anyone, back then it was Beamscorts online. There's a good reason [ACC]x3 weapons are the most expensive.