There are two tools I never go into the backcountry without: a knife and my multitool. The pairing can solve about 99% of all issues you encounter, whether they be your own fault or Mother Nature-induced. But even they can be overkill at times.
While you'd never catch me without a knife, apart from when I'm flying—and I don't even like to do that—most multitools, even the ones skeletonized, add weight to your pack. That's weight that could be used for more snacks like Uncrustables, water, or other gear to keep you warm or dry. Weight is thine enemy when you're out for a long rip or quick camp.
Leatherman, the purveyors of all the best multitools and some killer knives, understood that. And the company understood that some folks want the lightest of light things. That's why the brand built the OPNR, a $10, three-tool, key-ring multitool that could help you get going when things hit the fan. So long as things haven't gone completely pear-shaped...