It probably makes sense for a CEO who is direction setting and probably has other defined methods of feedback collections. For normals ICs 1:1s are crucial for career development. You absolutely need a space to talk candidly with your manager.
It's not so easy when you feel like you can't trust the people to whom you report. I'm in this situation after attempting to be candid about what I felt were missteps on the part of my manager and a director of engineering. After a scolding from one of them, and a veiled threat about my employment ending, I now feel like I just shouldn't rock the boat. I mostly dread my 1:1s with them, and I don't feel like those meetings are time well spent.
I could maybe understand if I had offered unsolicited feedback, but they asked for my opinion and I gave it honestly.