If I'm a Wizard, it's likely that I've a good Magic Projection but a poor Block or Dodge. I can sub in my MP for a Block, but only with a magic shield, which I must first create. So my choice is either "save the Zeon and have no defense" or "spend the Zeon and have a defense". Of course, the defense isn't perfect. If the MP-Block fails, I take damage. If it succeeds, then the Shield still lose LP even though my defense was higher. I'm losing something no matter what, but the expenditure of the Zeon for the shield was still a good choice, because I went from no defense to some defense.
Mentalists and Psychic Projection work the same way.
So what's the point of the Energy Shield technique? I'm still using either my Block or Dodge, so I don't get to sub in a good modifier for a poor one. And if my chosen defense is Block anyway, then it's likely that I've already got something to do the Blocking with (a physical shield, a weapon, an unarmed Block), so the benefit isn't going from having nothing to Block with to having something to Block with.
The only real benefit of the technique that I'm seeing is that you get a Damage Barrier. Except I can take Use of Ki, Presence Extrusion, and Physical Shield and get, as early as third level, a DB of 40 for the cost of 60 MK and no Ki points spent. Using the technique would require Use of Ki, Ki Control, and the Energy Shield technique (a minimum of 90 MK, factoring the minimum cost of 20MK for a first level technique) and at least some Ki points spent.
So why ever spend the Ki points?