A load of bunk?
Batting Average ignores bases on balls, HBP. SLG assumes that a home run is twice as valuable as a double. Fielding percentage ignores stupid mental errors - any error so egregious that the fielder doesn't get to the batted ball.
ALL baseball statistics have limitations. If you treat ANY statistic as a holy grail, as a be-all, end-all, you will eventually look foolish. But, does that mean that we should throw them all out, and abandon any systematic attempt to actually understand what we're seeing? Well, for some, it appears that it does.
The rest of us, however, will appreciate that a whole toolbox of limited tools can give us a whole range of partial understanding of the game... as long as we don't fall in love with one measure, and convince ourselves that it tells us everything. In this regard, FIP is no different than a lot of other tools we use. To use any particular statistical tool effectively, though, one must understand it - and it's certainly true that some fall short here, and treat some baseball stats as a kind of "magic" - which, I guess, leads others to reject the stat completely, because it has limitations.