The short answer "it's an unnecessary possible failure point" is commonly used for many possible pieces of gear, but in many cases it is too simplistic, and that short answer can get in the way of thinking. In scuba, pretty much everything we use is a potential failure point. In evaluating gear as a potential failure point, we should look at the full complexity of the question.
- What benefit does it provide?
- How likely is such a failure?
- What harm would come from a failure?
- In total, does the benefit provided make the risk of failure worthwhile?
For any piece of gear, in most cases, it depends upon the kind of dive being done. When I taught OW classes, I was required to use the shop's jacket BCDs, which had all kinds of dumps. When I did my personal diving, I used a standard wing with only the inflator hose and the rear dump. If I were to do a standard recreational reef dive with a jacket BCD with all sorts of dumps, I would not hesitate to use it. The risk of a failure would be very low, and the potential harm would be negligible.
In contrast....
Years ago I was cave diving in Mexico with my standard doubles wing, and it was too big for the AL80 doubles I was using, making it difficult to dump air because of the taco effect. I borrowed a smaller doubles wing, well used. Upon exiting a cave, on the ascent I reached back to dump air, and the entire dump valve came off in my hand. Fortunately, we were near the end of the dive and ascending, so I was easily able to keep enough air in the wing for buoyancy simply by keeping my shoulders higher than my hips. If I had been farther back in the cave and unable to hold that position, I would not have been very happy about that failure. That is a very different situation and calls for different thinking.