i wouldn't say its useless as it keeps me from spamming keys if i'm not sure if i have rkit/nades
but yeah, by default its set at 1456 pixels to the right (probably not my best choice for compatibility at lower resolutions but thats the right setting for my res of 1920x1080) and might appear off screen at lower resolutions
to fix, find the line in ItemHUD.acs.cs that looks like this:
HUD::New( "ItemHUD::Container", 1456, 0, 465, 256, ItemHUD::Wake, ItemHUD::Sleep );
and change the 1456 to a lower number (the backdrop is 464px wide so 1280-464 = 816 is probably the 'right' setting for you) but anything lower than 1280 should make it at least appear on the edge of your screen so you can drag it to the right spot