It's not that bad...
The effect of luck scale is only 5% increased frequency per step. So you will get only about 15% more events with luck-3 as with luck-0. But if you have taken luck-3 instead of being 50% good they will be 80% good. You will have only 46% as many bad events with luck-3 as you will with luck-0, and 85% more good ones. Other than militia, all the good ones are actually good
But even militia is not that bad.
Let's take a militia event - discounting that sometimes you get a priest with them, or flagellants, which actually does make for a useful event. Let's say you get 30 militia, which cost you 14 gold per turn in upkeep. Let's also say you don't have any commander handy so you have to recruit one, for 30 gold and 1/turn. Let's also say it takes 5 turns to dispose of the militia. This is pretty much a worst-case scenario, unless you play on an insanely huge map, in which case it might take longer to get rid of them.
Add it all up it comes to 105 gold the militia event costs you, worst case. It costs less, a lot less, if the militia come with their own commander, or if you get fewer of them. That still sucks, but it sucks less than many of the actual bad random events.