It's always better on tanky DPS, their lack of item space means they can't stack high damage the same way a carry does, so having damage, AS and armor shread all in one combines for more value than on a carry who can specialize the maximum value of each stat on seperate items.
It also makes them more difficult to duel because many of them have higher defense than their target, so their flat reduction will serve better than %, but most of all, no matter how you factor the damage, TBC has supportive value, if the tanky DPS can latch onto a target and shread their armor, their carry can benefit from it too. In the end TBC can not be directly compared because it does not have armor pen, it has armor shread, that means everyone on your team will deal more physical damage.
On someone like Shyvana who has additional value in AS, and the ability to double proc directly after an attack to max shread instantly, it is a far more favorable item them LW.