It's meant as a defense against non-targeted bots—the ones that roam the web looking for forms to fill out.
I think that's where the issue lies: these tools do different things. Honeypot fields defend against general bots. Captchas defend against specific bots, too, but also have greater friction, so are only used when specific bots are an issue.
I did my mom's website for her small law firm and I was getting tons of bots even with hidden form fields and they didn't look targetted. Captcha helped a lot but the spam didn't stop until I used both combined with special rules, like the phone number field has to have a certain amount of numbers.