The currently named "Settings" Block appears to be the only available place to collect context
-sensitive links that are actually visible in the UI and consistently located and as a result that's where *everything* goes.
If you go to your profile it shows profile related stuff, if you go to admin it shows admin related stuff, if you go to a course it shows course related stuff, same for categories, modules, gradebook etc.
It's hardly elegant but it seems to be all we've got. Maybe if someone can come up with a name that reflects what it actually does then things will make some more sense. Someone could go through and count but there's a whole bunch of things in there that aren't Settings (e.g. there's several links that are "actions" like "purge caches", "backup", "restore", "import", "export", "publish"), possibly as many as half the items, so banishing anything that's not a "setting" doesn't seem like it would work, and where would they go if not here?
On the other hand, going the opposite direction and moving profile related stuff out of the "Navigation" Block and putting it into "Settings" and thereby leaving a list of enrolled courses seems like it could be an improvement. And then move everything below the level of the course name (e.g. participants list, reports) also back into "Settings" under the "course" sub-heading.
This also seems to be the relevant place for any other reports, particularly as there's already a bunch of things that could happily described as reports that live there already (e.g. Grader Report, Outcomes
Report, Overview Report, User Report, Enrolled Users, Groups Overview, Check Permissions, Other Users, This User's Role Assignments, Browse List of Users, Cohorts, everything under Site administration -> Reports etc.)