It's not that it's not a great move in the right situations. It's just not a move that you should think you need loaded up on deck at all times.

If you want to recreate much of the pressure that you can create with dash punches, you can be using V-skill + Punch in many situations without having to sacrifice forward movement. If you want to punish moves you've blocked or land whiff punishes, cr.mk or st.mk target combos are more often better options because they're faster. Regardless of all of this, in a bulk of situations, gaining the charge needed is fast enough that it isn't much of an issue but many people erroneously believe that having his charge stocked at all times is necessary when the reality is that you don't even really need to use his Dash punch to accomplish 90% of what you want to do with him, and 5% of that you can gain enough charge just in the time it takes to land your combos to finish with his Dash punch, so you especially don't need completely sacrifice your forward movement or concern yourself with losing charge by buffering dash-punch counters.

Of all the things that PR Rog does with his Balrog (because his Balrog already is pretty fucking sweet), the above clip is pretty basic Balrog stuff.