I'm actually a big fan of pine bark as a component of a planted soil substrate and as a mulch outside, but like a lot of things it depends on your specific situation. It's a poor nitrogen source for sure, and wood-based mulches temporarily reduce available soil nitrogen when they are first applied, which can catch people by surprise.
But very small bark pieces won't float when they become fully waterlogged, and their slow decomposition rate is a good thing in a planted tank, especially a low tech one that relies on it for CO2. Substrates that have too much labile organic matter will consume too much oxygen and release all their carbon and nitrogen very quickly, which creates a very volatile environment. That fast decomposition is exactly what people are trying to avoid when they mineralize their soil, though they are losing a lot of carbon in the process. Even with just the lignin left over it's an excellent substrate for microbes and helps maintain pore space and resist compaction. I've been happy with the results at any rate.