In and of itself, no, nothing wrong with that. See above caveats.
When else would GPIOs be bad for power? When that power goes down a cable, for example. It's an EMC hazard:
- The pin switches quickly, making the cable an effective radiator. Not that you'll be switching power on and off very often, but an edge is an edge.
- The pin is sensitive to EMI and ESD. GPIO pins aren't terribly robust.
- You can't put much bypass capacitance on the end. More generally, you have the Rds(on) of the high side output transistor, and you shouldn't load it with much more than that, for very long (10s us?). You can often get away with heavy loading or even momentary shorting of GPIOs... but it's not recommended. So, without much time to put a heavy load on there, is another way of saying you can't have much capacitance at the end, and consequently, too low |Z| at the load end.
So, if you're doing teensy ~mA sensors, and have some protection diodes and series resistance to protect the GPIO pin, and some RC or LC filtering to keep edges quiet, and maybe a 0.01uF bypass at the far end -- sure, that's a good way to do it, and saves parts over a purpose-made protected load switch.
Tim