I agree in terms to how it's mostly used. I think PowerPoint can be PowerFul when it's used as a visual tool to explain things that need complex diagrams.

However those situations aren't that common. And even when they occur the person making the ppt might not have the skill to design it properly, it needs some graphical design chops and ppt is a pretty poor graphical tool with a ton of nasty quirks.

But how I see it mostly used is for endless rows of standard template slides full of text. This is where the term death by PowerPoint comes from.