A pitcher with a high K/(BB+HBP) ratio isn't giving up a lot of 'free passes' (i.e., BB+HBP) relative to the strikeouts they collect.
A pitcher with a low K/(BB+HBP) ratio is giving away a lot of 'free passes' relative to the strikeouts they collect. Their strikeouts are considered 'expensive'.
That is incorrect as there is no true measure of expense as you have no idea what happens after the free pass. Coupled with something showing runs scored on free passes would make it meaningful. However, on its own it is more trivia rather than useful information. Like [MENTION=7378]cuzmail[/MENTION] stated it lacks any context to tell the whole story. When evaluating performance you cannot draw a conclusion based on minimal information.