Thanks for the replies.
The purported meaning that common use has come to give to “worth it” is well understood. However, that does not explain the syntax, or lack
thereof, in it.
“worth” can be used as a preposition, noun or adjective.
"it" is a pronoun, and, as such, it can be used in nominative or objective cases. The "worth it" construct gives the appearance of an objective use of "it", but the rub is that objective-case means being the target of the action of a verb. "Worth" is not a verb.
Again, what's the syntax, if any, therein?
…or is it that it’s just an American “idiom”, as that grammarian said…as if trying to get the hot potato off his hands.