The king would have some perks though. He would have some skills that give a you a global boost. One idea would be to give him a skill to increase your income by x% (rulership). Another would be to give him a % reduction in the cost of hero offers (glory). Another would be a % reduction in the cost of city walls and new unit production (builder). Finally, he could give a global morale bonus to all your units (inspiration). I would keep the effects of these skills quite small, but with many levels the king could give an appreciable global bonus.
So, he's a terrible starting hero. He has some potential, but leveling him up will be a pain. You might be wondering "why would I ever take this king?" The answer is ladder points. By taking the king as your first hero, you are saying that you believe you can defeat your enemy with a handicap

In regicide games, you must start with a king. Losing your king loses you the game and your remaining cities revert to neutral control.