This question really depends on a lot of factors. What kind of coral do you have? What is your system like? How big, skimmer? Fuge? etc.
I don't do water changes on my 180g. Instead I dose everything it needs while using algae growth to export the nutrients. It's going on 1 year old now, with the original water. I could have gotten more coral growth over the year if I had done water changes, because I had to learn some lessons the hard way. Such as - trace elements will deplete much faster than you think. But I've gotten those things down for the most part now, and growth is good. Luckily I never really had much coral loss during the rocky times, I lost 2 total, a monti and an acro. Most of my tank is LPS/Softies and were just surviving rather than thriving. Now they are back to thriving. Was not easy, but water changes on a tank that size add up, and it's less work and more cost effective.
On my 29g anemone tank, I do a water change every 3 or 4 months. It's only a tank with anemones, some pulsating xenias and 2 clownfish. I let the algae grow in it all over,some might would think it was ugly, but I do not mind. I don't worry about trace elements in it, I don't worry about alk, calcium or anything. It has a hang on the back skimmer, and that is it. Every now and then I'll pull out the algae as nutrient export, just when I feel like it needs to be thinned out to grow better, and every now and then I'll
So is there anything wrong with it? No. But you'll need to examine your needs and what alternatives you'll have as a result.