I don't see it as a problem, personally; if that's all it takes to express the music then that's all you use. The problem arises when people see it as an excuse to get lazy.
As a punk-trained bassist I work mostly around the root, the bread and butter four notes. Music afficionados will tell you that that's too simplistic, and they've got a point: you can learn it in about a week with no prior experience.
But people don't appreciate that 'four notes' isn't just 'four notes:' tuning, frequency, accompaniment, multiple frets, and even what you play with (personally I use my fingernails) all make a massive difference, and I make it a point to consider each of them when composing. Many others don't, and cite 'four chords' or 'punk, amirite?' as an excuse to cut those corners.
It's their loss, but it is a shame.