As someone that has tried to write a decision paper before rather than a PowerPoint deck, I found the main challenge was engagement (i.e. encouraging people to read it is a challenge, while a powerpoint can be walked through together).
I could present a spreadsheet, but that only addresses the financials or numbers and won't address the business context.
And if you go into a board meeting empty handed to talk about a large investment - good luck!
I think it's probably a case of horses-for-courses: Sometimes PowerPoint is a great format, other times it might not be, and like any format it can either be used well or poorly. The issue in the Columbia example wasn't PowerPoint per-se, it was that the managers weren't clear in their communication.
And while bullet points are poor in some ways - they are great in others. Distilling ideas down and making sure your list is MECE is part of clear communication and thinking.