It's a good thing in some cases and a bad thing in others. It's not inherently either.
It's typically seen in console games because the developer knows well in advance how it will perform on every single machine and tying logic to framerate keeps things simple and consistent and resource-friendly.
It CAN pose problems when used on a PC title that isn't particularly stable in terms of framerate, but usually those problems are negligible or only show up significantly when the framerate is several times what it normally would be (physics bugs in games where physics are tied to framerate, calculation errors like Dark Souls 2 calculating weapon durability per-frame or Vanquish calculating damage per-frame).
Please don't confuse me saying that framerate-tied logic is fine and is absolutely what is used in fighting games with me saying that updated Gamebryo isn't a piece of shit.