Yeah health is a bit lackluster as there are barely any skills that scale off of it and it doesn't have any secondary uses.
Like magicka increases spell skill damage, stamina weapon skill damage, but health increases....? Nothing but health and maybe Templar's blazing shield.
Like OP said, it needs a secondary use like regeneration or along those lines which is why glass cannon builds are so widespread - health literally has other use than being able to take a extra hit before going down.
Either that or have more skills that scale off health, not just magicka or stamina. Tanks would benefit from this greatly.
Max health increasing the amount you can block, or the cost of block. That would be fun ^_^
Maybe pve is different but I run with 16-17k health in pvp and do just fine...no reason to invest anything into health.