It's useful because it's a standardized language everyone knows and can be applied across the web, e.g. on many StackExchange sites (at least the TeX subset via MathJax), but it's too limited to be held up as a standard to move toward.
For a discussion of some of its limitations and things that can be improved: [The LATEX3 Project][1] (1999).
Personally, though, my main criticism of LaTeX is that its logic is static and based in plaintext. The future is in interactive documents (e.g., in the direction of [Wolfram's][2]), not statically compiling plaintext to image-like documents.
Of course, credit to where credit is due: LaTeX was a hugely powerful tool that's done a lot of good in the world. It also continues to be useful for many purposes, especially due to its widescale adoption from this bright history. It's a great page for the history books -- but, it's not the future.
[1]: https://www.latex-project.org/help/documentation/ltx3info.pd...
[2]: https://en.wikipedia.org/wiki/Computable_Document_Format