I remember being given a thump by Jock Ellis at Redbrae back in about 1970 for using it. Too many ways for it to go wrong, apart from those mentioned above suppose the transferring controller made a mistake and it was not yet clear of all his traffic. c/s confusion and wrong a/c goes. loss of R/T and a/c goes by himself.
The Inbound release, as far as I remember, was worded as "....released at (Time, Position or Level) ...." so "released on contact" would not be a valid release.