Its actually speed with power, aim point with elevators. Used for approach and it is taught and used in many disciplines. And a very useful method. Its called 'constant aspect approach'. I have used it in light aircraft and airliners. It is used by the RAF and many EXPERIENCED insructors train it. Actually my FI instructor taught that after his 30 years in the RAF
This is a long going arguement covered here before.
Taking the basic aircraft a Glider in still air you can only use the elevator to control your speed. I like to think of the elevator as another throttle which taps into the potential energy of the airframe.
Move up into a low powered and draggy aircraft and while you now have a low powered aircraft pitching for speed is more important especially with low time pilots who could get on the back of the drag curve, not have enough engine power and stall/spin.
Where the aircraft has an abundance of engine power pitching for speed becomes less relevant.
In reality it is neither pitching for speed or power for speed but a blend of the two.
I think of it as two energy supplies. One from the engine and one from the potential energy in the aircraft, Tap in with either the throttles or by pitching but it is a matter of playing with and using both.
I too like to power for speed as the dominant source but realise that in low powered aircraft with students pitching for speed can be the dominant and safer way.
As to students not being taught to use GPS that is the old way. Years ago you were not even taught to use the ADF. It was a puritan way and in my opinion a blinkered way. If its there use it.
Pace