Metal fatigue happens quickly, especially with the added element of minor corrosion. I won't bend anything back that's high-stiffness; it's very likely to break. Chromed hooks are a sure sign that I need to replace bend-outs. Its one of the reasons I like the little chatterbait micros so much - they have a flexible light wire hook that can take some real abuse with a slightly lower risk of snapping. It's also a smaller lure so you're more likely to hook into something smaller anyway. I carry enough these days that I tend to just replace them when they're thrashed, but last year it was different. 

Since I've gotten into treble hooks I'm mainly using the owner zo-wire hooks. I figure the forces needed to bend the hook out and back are likely enough to cause fatigue that will compromise the hook sooner than later. If I bend a treble out, I change baits and replace the hook when I get home. I lose enough fish as it is, I don't need a broken or weakened hook making my hair fall out any faster. Same with line strength...I don't use anything under 12lbs regularly. I still break stuff off, but that's not because of the line.

That said...I don't bend many hooks out. If I was bending out a hook every day...I might do things differently. A lot of this boils down to what lands you in the right balance of confidence and frugality. The intersection of those ideas is located a little differently for everyone.

I've not taken to sharpening my hooks yet, I should start doing that.
Trokars are a no-thanks from me, that tip looks like it would come out easy and the few times I've t-rigged with them it cuts my plastics up pretty hard.

Fishing hooks are mass produced meaning there will be variances in quality, not every hook is perfect.

I use Gamakatsu jig hooks for example and buy them 100 piece quantity. Every few hundred hooks I find 1 that missed the sharping process, no point just blunt wire.

For this reason I check every hook I use for sharpness and touch it up if needed. I check the line, knot and hook points while I am fishing as a standard practice/habit. It doesn’t take much to slightly flatten a needle sharp hook point.

Tom