One way to make Taunt less frustrating if it were to bypass physical armor might be to change it so that those inflicted can ONLY move and use their basic attack - no potions, scrolls, or skills.
Also yes, the game needs a "reverse Stench" Talent. I would call it "Punchable Face", it makes the person targeted much more by enemies, and it also restores 5% Physical and Magical armor per turn.
It would still be super frustrating against player - characters you can't control would just run to their untimely death.
And it would be OP against AI too. E.g. imagine using evasion buff + taunt to lure all melee mobs to one location and negate all their attacks and then just nuking everything with aoe. It would be the single most powerful CC in the game.
"reverse Stench" Talent sounds more reasonable as long as it's only an increased probability to attack that char and not an automatic taunt.