It's not PowerPoint per se, it's the poor use of it by many!
Such people as those who produced that daft bowl of spaghetti would produce equally crap viewfoils or white board briefs!
Many people who view PowerPoint presentations can't be arsed to take notes - they demand a print-out or copy of the brief. So it's not just the presenter, it's the idle audience who are often to blame.
Use it like an electronic version of the viewfoil presentations of old and it's fine; use too many gimmicky graphic tools, complex diagrams and too many words and it can indeed be dreadful!