One on ones are a very good tool. In someone with good training and in a good job environment are incredible to gather feedback, make sure that the company environment is good, and it's an opportunity to help individuals with the kind of problems that is hard to talk in public. Finally, even in functional companies, employees may feel unsure about their performance. Regular meetings help to dissipate any doubts.
That the article also applies it to personal life makes sense. It's not just a company tool.
If you have been in a company where ones on ones were bad or counterproductive be open to think that it may be a problem on how it was used not inherently a problem with the tool.