On scientific front, it's very useful. Its use outside of academia is has however been very problematic.
There are studies that empirically measure drop change cognitive ability from lead poising, oxygen deprivation, sleep deprecation, post-burnout, environment distraction, noise pollution, temperature, aging, drug and alcohol use during puberty, smoking, school teaching style, etc. etc.
Notable is that these are either population metrics or compare each individual with themselves. This is what IQ and other similar tests were meant for. Comparing one person with another is nonsensical and a flawed use of these metrics.
This is where where IQ has fallen and become a rather bad metric. People are familiar with the problems scewing results. IQ test performance and education level is highly correlated, which is supposed to be compensated for in the final score. But poor education quality in certain regions make the statistics easily used to argue quite unsavory ideas.