There are times it can be very useful. Love a good squeeze play . Never ask players to bunt very much. Won a state tournament game 1 - 0 seventh inning squeeze. The right base runner and the right guy bunting.
Tever since CTV's tenure at Tennessee, he doesn't necessarily believe in advancing runners with a bunt, he's been able to rely on power, and the SEC is a power league. It's hard to argue with his philosophy or the philosophy of the vast majority of SEC teams.
But to answer your question, small ball probably does develop better fundamentals, and practicing does make the defense better. Over the last several years we have not defended the bunt very well. However, it really hasn't hurt us as a team.