We're doing it in my current company and we lose a lot of valuable data. On top of this, other teams are not encouraged opening a bug anymore because no-one will fix it.

It's great for individual contributors who don't care about understanding the product and are probably going to be in another team in 3 months.

In a previous job I did what the author did and it helped building an understanding of the project and with knowing at any time the list of the top X things we had to fix.