On PC there are tools like Geforce Experience that will automatically recommend settings based on your actual hardware. This will give you a much better result than trying to use console-like settings that have been "fine-tuned" for running at 30 fps on a different set of hardware.
The "Low, Medium, High, Ultra" presets that are included with many games are also likely to be better tuned for running on PCs than a console preset would be.
I would still prefer a setting developed by those who created the game, in accordance with their vision of the product, than an automated system.
As for low, medium, high - not
once did I use them, because the best option is usually a combination: some things low, some medium, some high. And this is how consoles are set, btw - they are
not "everything on medium". If the developers actually fine-tuned low/medium/high settings instead of (in most cases) just offering them as a quick way to set everything at a certain level, then sure, maybe I'd consider it.
Why not have both? It's not like anyone wanting this is asking for games to have
less options in any way - and yet people are somehow against it.
The lowest enthusiastic response in this thread should be "I don't care about it, but sure, if you want it, you should have it" - not people acting like this request is some sort of insult to PC gaming.