Before I even give an opinion, to help form my own opinion and any other opinions from this point forward I think it's good to bring the current statistics to the table that I have access too. There are also ways to judge the statistical advantages of DPS, range coordination, time charts and whatnot. I'm merely judging by basic elements for this conversation. Information provided may be flexible based on balance and should not be treated as law.
Unit Statitistical Comparisons
Damage
Roach: 11 damage (+3 light)
Hydralisk: 8 damage (+4 armored, same rate as roach)
Zergling: 5 damage (No bonus, faster rate of attack)
Armor
Roach: Armored (Biological)
Hydralisk: Light (Biological)
Zergling: Light (Biological)
Hit Point
Roach: 160 (1 armor)
Hydralisk: 80 (0 armor)
Zergling: 35 (0 armor)
Cost
Roach:

100
Hydralisk:

75 /

25
Zergling:

25 (Per unit as they spawn as 2)
Build Time
Roach:

27
Hydralisk:

27
Zergling:

24
Efficiency Ratios
Roach
Damage Cost:

9.09
~ per damage ( 
7.1428
~ against light)
Hit Point Cost:

0.625
per hit point (Not counting armor and regeneration) *
Hydralisk
Damage Cost:

12.5
/ 
3.125
per damage ( 
8.33
~ / 
2.083
~ against Armored)
Hit Point Cost:

0.9375
/ 
0.3125 per hit point
Zergling
Damage Cost:

5
per damage (Faster rate of attack not included) **
Hit Point Cost:

0.7142
~ per hit point
* This value can be reduced by a fraction of one over the damage value of the attacker.
A unit that does 5 damage reduces cost per hit point of the roach by 1/5th (.625 -> .5) for example. This still does not
include increased regeneration to the equation.
** This value is inaccurate due to the lack of a global equal value to judge by. If we
could determine damage per second then we could change these values to be fully
correct. All we know is that the attack speed for the Zergling is faster than the Hydralisk
and Roach. The Hydralisk and Roach have the same attack speed.
Basic jist of opinion:
I can see too narrow of a niche for this unit and agree with your point slightly. Another unit that could stand to be in the same boat is the Immortal as it's most efficient niche is also a likewise narrow situation.
I suspect that our conversation will lead more so into the angle of how to balance it further on paper which won't lead well into real scenarios. That's fine and dandy though as we're examining the unit in terms of counter analysis and not in terms of actual performance.
There are some parts of your information which I disagree with but I think with proper statistics we can reach a same page.
Regarding the roaches' damage output:
I find that statistically the roach has a similar damage output to the hydralisk. When you place it against light units, however, it's efficiency shows to be about par as well in it's current form.
- In ZvZ the roach becomes a sufficiently more efficient unit in terms of damage compared to hydralisks and could replace them in certain counter compositions leading up to mid-game.
- In ZvT, I feel they'll be more efficient against a Terran infantry army that has a low maurader count... the issue is that terrans can swiftly fix that unless there is a focus on the maurader killing. They could also work as planned base defenders against raider guerilla attacks in a pinch with proper scouting.
- In ZvT and ZvZ, 3 Roaches can one shot a worker, allowing them to be the most efficient harrassment drop to an enemy base, especially with burrow being natural to them.
If you still feel the damage of Roaches being light.. feel free to state so. But in light of the statistics I am looking at right now I believe it to be adequate.
To all reading my post:
I hope these statistics help the discussion out to alleviate questions/concerns/misconceptions about what's more powerful or not. These statistics can help you bring your own conclusion to light