UTF-32 / UCS-4 is fine but feels very bloated especially if a lot of your text data is more or less ASCII, which if it's not literally human text it usually will be, and feels a bit bloated even on a good day (it's always wasting 11-bits per character!)
UTF-8 is a little more complicated to handle than UTF-16 and certainly than UTF-32 but it's nice and compact, it's pretty ASCII compatible (lots of tools that work with ASCII also work fine with UTF-8 unless you insist on adding a spurious UTF-8 "byte order mark" to the front of text) and so it was a huge success once it was designed.