That's been my setup for the last decade (currently a pair of U2720Q monitors). macOS unfortunately does a worse job with "font smoothing" when using the monitors vertically, but it's fine.
The main downside is that since most people (obviously) use their displays in landscape mode, lots of websites and applications are pretty antagonistic to a tall and thin display. (Spreadsheets are often quite bad, but there are lots of places where people eat up horizontal space for padding or side bars that are suddenly super annoying).
There's a bit of a push to larger, ultrawide 5k2k monitors (e.g., Dell's U4021Q or the delayed-by-a-year-not-actually-available LG 40WP95C) but a pair of high resolution 27s is still a lot more pixel density. These bigger ones also tend to have lower brightness, presumably do to power and thermal targets per display.