I think the other criticism of MBAs is that they're taught to take a very narrow view to running a business that is overly focused on growth and efficiency. As much as startups are lionized around here, I like to hope that a lot of us also respect the "lifestyle" approach to business, bootstrapping and other approaches that are less focused on growth.
I have a parent who taught at a top-10 business school. A number of years ago, she had the opportunity to act as the faculty chaperone for the student trip to meet with the leaders of various Japanese businesses and I got to come along. One of the businesses we visited was a Sake brewer that had been family owned since the 1600s. The Q&A period was particularly enlightening to me and it had more to do with the questions that the MBA students asked than it did with the answers they were given. They peppered him with questions about growth, international expansions, taking on debt for advertising campaigns, new product lines that would appeal to a younger demographic. It went on for over an hour. And, to his credit, he patiently answered them all with a variant of the same answer. He wanted to run his company like his ancestors have run it for centuries. He wanted to make the best sake he could possibly make, just as his ancestors had done. He wanted to provide a comfortable life for his family and pass the business on to his children. And he wanted to supply good jobs for his employees since he viewed them as his extended family. None of the stuff the MBAs were interested in interested him. He was happy running a stable, self-sustaining business that didn't need to grow. Life, mastery of his craft and being happy were more important to him. If it had ended with that, I might not have taken such a dim view of MBAs. But on the bus ride home, all I heard from these early-20-something-self-proclaimed-future-leaders-of-America was how stupid the guy was and how he was ruining his business. I couldn't help but think that they'd entirely missed the point of his answers.
A few years later, I worked at a company that served small businesses building a product that handled reputation management and lead sourcing. We tried a number of iterations that ended up failing. It wasn't until we made the realization that small businesses didn't want growth as much as they wanted stability. Too much business could overwhelm them. Too little could starve them. They needed a product that kept them as close to full utilization as possible without ever going over. Even after we made that leap, it took a ton of effort for us to convince our own management to allow us to take the product in that direction. There was something about their own MBA training that made it difficult to accept that this view could be correct.
My own view of MBAs, considering I have a parent that has helped produce multiple generations of them, is that they're very valuable when applied to a somewhat narrow band of situations but that, as a society, we've applied them to many circumstances where they're counterproductive. I think we produce too many of them and the ones that are misapplied end up giving the rest a bad reputation.