I'd have to provide an alternate view of this card, and endorse that it's actually a very good card in the right deck and investigator, which is a primary rogue fighter.
If you're playing Tony Morgan, one of the strongest investigators in the game, as your primary fighter then this card becomes invaluable, particularly as your first upgrade. +2 fist icon every turn (the resources on the card replenish each round) along with Tony's natural 5 fist icon means you're succeeding most fight skill checks. As rogue, if you're playing staple cards such as .41 Derringer, Lucky Cigarette Case, Quick Thinking, then the +2 fist icon is going to be important for you to trigger the conditions on those cards.
This card also synergizes well with Tony's signature cards Tony's .38 Long Colt and Bounty Contracts, since you're quickly generating more resources than you can use, so it's good to have a resource dump card like Hard Knocks to utilize your accummulated resources. Add to it the fact that the card is not unique and you can have two SLOTLESS copies of this card on the table at the same time means you can have a free +4 fist icon to any fight skill check you want PER TURN and more if you decide to pump your own resources into the card's ability.
Lastly, the card's ability to boost foot icon is nothing to sneeze at. Since Tony is at a measly 2 foot base (a rarity for rogue players), you can easily boost his low foot score with Hard Knocks to get him to pass his foot skillchecks for treacher cards such as Grasping Hands. Also, I added a pair of level 1 Lockpicks to my Tony Morgan deck, and I can boost Tony's foot icon with this card to ensure both success with the investigation as well as preventing the lockpick from losing a resource by succeeding by at least 2.
Solid card for the right investigator, a rogue who is a primary fighter.