If you don't believe me, just run Valgrind on random sampling of C programs that didn't use such a tool - I reckon it will find issues with most of them.
I do not necessarily abide by this point of view, but I do respect the kind of harsh discipline it advocates. Valgrind is definitely useful, really useful, but great C programs (and programmers) existed long before it appeared.
(valgrind's lack of availability is a bit of a problem. I'm not complaining - I bet it is a bit fiddly to port it to a new system - but it's very easy to never have come across any system that can run it in your professional life. So being able to work without it is no waste of time.)
Uninitialised data and memory scribbles can be tricky to detect 100% reliably without valgrind, but if you code appropriately, you'll spot it. Leaks are very easy to find (fixing them, not always so much), and I don't really understand why one needs this monster program to discover them - but maybe one day I'll actually be in a position to use it, and I'll find out what I'm missing.