Is self-esteem still considered a good thing in modern psychology?

I seem to recall that the concept had taken a beating over the past few years. When I was a kid, it seems that the goal of raising children was to instill a high level of self-esteem, by praising inherent qualities, such as intelligence, beauty, etc.

But by the time I was having children, it seemed that this approach was considered harmful, and was replaced with praise being directed towards effort rather than results or inherent characteristics. This makes sense to me, and it seems to completely skirt the issue of self-esteem. Self-esteem, in my understanding, is inherently fragile and requires constant grooming. It feels closed and requires a sense of self that may not be entirely justified.

Lately, however, I have come across people in my life who express a need to improve their self-esteem. I’ve learned a ton in the past few years about how to be better listener, and how even the best of intentions delivered as advice can be received. “Have you considered self-compassion rather than self-esteem?” would be a sh*tty thing to say. But I’m not sure self-esteem is in any way useful.

Is self-esteem useful for some people?