Yes obviously Item-winrates are not useful for anything. Especially since we only have data for items at the end of the game. I would argue that usually most people who eventually win a game had Iron Branches in their inventory at some point, whereas people who lose might still have them at the end. A 31% winrate doesnt really reflect it's usefulness. I also doubt that you can fix that by putting a relative cost stat to it.
It's just a stat that doesn't tell you much.
Your new item;
Item: Iron Branch
Times used: 12,898,762
Winrate: 31.39%
My new item;
Item: Animal Courier
Times used: 45,285
Winrate: 17.14%
Edit* Source:Dotabuff item records.
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The item winrates for heroes are not that useful because you cannot easily see the cost-effectiveness of the item. For example, Abyssal Blade's winrate is 84%, but it costs 6750 gold. If you can farm that much gold, you will probably win.
Please can you show item winrates based on their cost? Just being able to sort items based on their cost would help see which items have the most bang for their buck.
This does not work for items like the Aegis or Gem but it would be useful.