Correct conclusion, painfully wrong logic.
Kings gives 10% of all your stats. Might gives a flat amount of Attack Power (550 AP if unspec'd, 688 if spec'd improved talent)
So if you only have for example, 1,000 strength, kings will grant you 100 strength. Not very good.
If you have 3000 strength, kings will grant you 300 strength. That's getting pretty good. Plus the stamina, agility, intellect and (lol) spirit. Not to mention it will also boost stats gained during procs (if applicable)
Meanwhile, Might always gives flat 688 attack power no matter your gear. As you can see, when you start getting more geared, kings becomes more competitive.
300 strength is roughly equivalent to 600~660 attack power, with the agility + other stat gains closing the gap to Might's 688 attack power buff. If not talented, 550 Attack power is easily overcome by kings at earlier gear levels.