I just read (well, skipped over the too technical parts) a brochure about geothermal energy by the Bavarian ministry for nature and discussed this with my friend the geologist.
The actual technique used in some parts of Bavaria is close to what you describe, but with some key differences:
instead of a U pipe, two parallel holes are drilled and pipes sunk down. Then water is pumped up at the lower pipe, used to drive a steam turbine at the top, and flows back down through the up-stream pipe. (upstream relative to the water-bearing layer). It’s easier to pump up hot water than hot rock.
In Bavaria, this means however drilling down 4 000m (4 400 yards), which makes this quite expensive. (It also is not a strictly renewable energy in the usual sense - it will take 10 to 20 times as long for the rock layer to heat the water up naturally again compared to the usage time). This is because Bavaria is just touched by the disruption zone.
Even then, and with pumping the water back quite quickly, there is a certain danger of triggerin g Earth movements and earthquakes by removing the hot water from deep down.
Going into other European regions with hotter disruption zones, like Chech republic, the places where hot water bubbles up from Earth by itself are already in use for hot baths (therapeutic uses) - Karlsbad, Marienbad (Karlovy vary, Marianske lasne) etc. Building big power plants there instead would be frowned upon by the locals and destroy an existing business.
Other places, like Italy near Nepal, faces the other obvious problem: the closer the heat energy from Earth is to the surface, the bigger is the risk that it will erupt. This tends to discourage investors, knowing that this mountain could blow up one day and tkae their plant with them, and that any activity that disrupts the mountain could trigger this disruption.
Similar proplems apply to most of the globe: the firebelt is too hot and liable to earthquakes already for power plants, the other places are too cold or too deep down to be worth it.
Yellowstone is both a national park and far too remote to be practical. Aside from the fact that Yellowstone is a huge problem that, on the day it will blow (we know it will, we just don’t know the date), the whole northern hemisphere will be fucked up big time.