It's been known not to work for over a decade now. It was more useful than Freudian psychoanalysis, but things like CBT and EMDR are proving more effective.
Unfortunately we live in a time where psychiatry is still young. The last century was basically collecting data and diagnosis so better treatments could be developed. We are years (if not decades) away from finding cures for mental illness. Part of what patients can do now is know they are helping the future just by going to therapy so we can collect data.