Mana represents political capital. It's a currency just like ducats or manpower or favours or prestige or piety. It's a necessary abstraction of the very real currencies used in politics. Without those your game ceases to be interesting very quickly because your decisions are uneffected by opportunity costs. I'm not saying mp or power is executed well, but it isn't an inherently problematic system.
CK2's currencies make no sense in the context of EU4 or Imperator.
I keep reading these comparisons between "mana" and prestige (mainly from CK2), but i think they are utterly unreasonable.
First of all, a curious thing is that EUIV ALSO has Prestige and Legitimacy (which could be equivalent to Piety), which work roughly in the same way of CK2, and yet i've literally never seem a critic of EUIV's mana pool putting Prestige and Legitimacy in the same basket.
Now, onto the argument itself, there are blatant differences between the concept of prestige/piety and proper mana insofar as the former are not mechanisms of action, but consequences of action in the vast majority of time, while the latter is the mechanism of action itself.
Prestige in CK2 is an abstraction for the feudal standing of the nobleman within his circle and has only limited value as a currency. It's quite important to say that it doesn't limit nor does it structure your actions in any way, bar some decisions and declarations of war, which is actually perfectly reasonable for what it means, and can even go in the negative should you, for example, lose a holy war. Piety is the similar abstraction of the standing of the nobleman with the clerics. Again, the game is not structured around those abstractions, they are not the tool by which you act, but the consequence of how you act.
Which is not the case with EUIV/IR proper mana. Mana is an abstraction for the state resources, but it works in such a way that makes true mechanics behind what could be considered affairs of state, like diplomacy, taxation, and so forth completely unnecessary, which detracts very much from the game and turns it into a compilation of modifiers. Perhaps the best comparison to EUIV is vic2 instead of ck2, because the character interaction is also absent. The development (the eu4 term) of a province in vic2 is intrinsically tied to population size, employment, pop composition etc. If you want to gain more money through tax, you have to actually do stuff whose indirect result MIGHT be more tax, like building a factory, inducing pop change from unemplyed labourers to employed craftsmen who are now taxable through their earnings. In EUIV, you simply spend a couple of mana and the development instantly magically increases. And those who defend it might simply say "well, just spend that mana and imagine the same thing". C'mon....
This is not a defence of vic2 mechanics (or ck2 mechanics, for that matter), because i'm perfectly aware that both a game like vic2 has limited market potential and that mechanics need not be that deep or convoluted (although i think vic2's problem is its UI, and not a supposed excessive complexity) ,but an illustration of the difference between a game that is structured around currencies and two that aren't.
The mere acts of sending one's chancellor to a foreign province to TRY (because his result is neither instant nor extremely predictable) and postpone an attack of that foreign king, or of elevating tariffs during a world war that is eating away your treasury instead of simply spending diplomatic or military currency (war taxes) are good illustrations of why i think anything non-mana related will be always superior to everything mana related.