It may not be your personal favourite item, but be honest: is this a hill you want to die on? It's too darn easy to poison family relations; and it's a vertical climb to set things right.
IMO, you should be gracious and make a point of finding a use for it (if only to organize your tax receipts or vacuum cleaner attachments). And casually let people know you are using it. What's the cost to you? Nothing, really. Same as the cost of a smile, a wave to a courteous driver, or a kind word to a sales clerk. Think of it as an investment in future good relations, that will pay off when something big and difficult comes up.
That's my $0.02.
BTW: When I give gifts, I always make a point of saying that "if it's not suitable for you, I won't be offended if you re-gift it or donate it to your favourite charity; I bought it to be useful, not to gather dust." I note that others in my extended family are starting to use the same line.