It is really powerful and sometimes incredibly useful in some scenarios (e.g I once built a schema.org metadata system that scraped the pages on the fly for a site with a broken CMS). Simo Ahava does clever things with it.
But from what I can tell, it seems to be a way of avoiding communication between teams, or a political power grab inside bigger companies - a parallel CMS. And the silly bit is that it's normally not doing much more than could be achieved by copy and pasting a few lines of code into a template.