It’s over-used.
It worked very well in Three Kings and Saving Private Ryan. But then everyone said, ‘Hey that’s cool! I wanna do that on my film!’ So it started to show up everywhere. The intention is to make the audience feel as if they are actually in an exciting situation, like if they don’t move they’re going to get their heads blown off. But when everyone is doing it, it becomes cliché. To me, it’s a sign of lazy filmmaking. It has been used well and appropriately, and it can be used so; but more often it shows a director that wants desperately to impress, and uses a well-worn trick to it. It’s like a magician who’s Wonderful Illusion is making a card appear and disappear in his hand, or pulling a coin out of someone’s ear. It’s just not that impressive anymore. Used correctly as part of their acts, even the oldest illusions are great. But just doing them because all the cool kids are doing them doesn’t cut it.
The HFR shots are, I think, an outgrowth of another overused technique: The shaky hand-held shot. Originally the shot came about because filmmakers used hand-held cameras for some shots; either through expediency or necessity. This was especially necessary in documentaries. So shots with hand-held cameras, which had some movement, were more ‘real’ than tripod or dolly shots. Used correctly, the hand-held camera does impart a sense of reality. But that’s not good enough for the lazy filmmaker. The lazy filmmaker has to deliberately cause camera movement, in order to show how ‘real’ and ‘edgy’ he is. The subtle movements of a cameraman who is trying to hold a steady shot while hand-holding a camera are lost, and they’re replaced by deliberate movements that make it look as if the cameraman was standing on a stool in a small rowboat. It’s no longer ‘real’ or ‘edgy’, and I roll my eyes when I see deliberate ‘accidental’ camera movements. I have on several occasions yelled at the TV screen, ‘Get a tripod!’
This has been going on for a long time, of course. One example that immediately comes to mind is the rapid zoom-in/zoom-out of the 1960s. Ooh! Psychedelic! Soon everyone was using it to show how ‘with it’ they were. Fortunately, that didn’t last long. In the early-'70s, especially, there was the zoom-in. There’d be a wide shot, and they’d zoom in to a closeup of a building, or a particular part of a building, or a person or pair of persons, or whatever. That’s not used so much anymore. To me, it screams 'This is the ‘70s, man!’ The very slow pull-back/zoom-out is more popular now. Done well, it’s almost subliminal. I haven’t noticed it being over-used. Yet. Dutch angles, and especially Dutch rolls? I’ve seen examples of those being mis-used.
Anyway, the HFR/‘Shaky Cam’ is, IMO, over-used; and that’s why many people dislike it.