Even if he had other uses for it beyond finding the Isle de la Muerte, who wouldn’t want an object like that?
If it was bartered away, what did Jack have that was worth enough, that was of interest to an actual sea god, that he was also willing to give up?
What Did Jack Give Up To Get The Compass?
The compass that shows its owner the location of that which they most desire was bartered away from Tia Dalma by Jack Sparrow at some point prior to the events of the first film.