Just another thing to act up and drive you crazy! who needs that thing anyway?
Nobody, really. People got along without ABS, turn signals, and double lattes for eons; however, when I'm navigating through traffic in the rain and that light comes on, it tells me two things: 1) My bike's in greater danger from being rammed in the rear at a stop, and 2) I need to change that bulb so my bike's in less danger from being rammed at a stop. These are two states about which I would be unaware unless I was obsessive enough to check taillight function at every stop. That's no fun either.
When you write you "meticulously cleaned all electrical connections including the fuses" that included the terminal each fuse plugged into and the ground connections, right?
Is the bulb monitor lighting when the lights are out and not lighting when the lights are working after the initial function check?