Depending on where the dump valve is, the BCD is still somewhat useable. Say the valve is at the bottom, then if the diver can straighten up and inflate a bit, the air will be trapped at the top of the BCD and they can make a controlled ascent to the surface. Same with a shoulder dump, just turn upside down and let the air pocket go to the top. Of course, you should definitely practice this in the pool before attempting it in open water.
I also agree with the above posters, if your BCD is keeping you from plummeting to the bottom, you need to remove weight!
I also agree with the above posters, if your BCD is keeping you from plummeting to the bottom, you need to remove weight!