It's only good for coding for alignment issues. But reading monospace characters for long blocks of text is hard on the eyes. (Not to mention that proportional spacing is more efficient -- you can get more text on a line with roughly the same letter forms.)
But we forget how much of this is a circumstance of history. Teletypes were monospace, like typewriters, for mechanical simplicity. Line printers and DecWriters were monospace for the same reason. Then the first video terminals and eventually the original IBM PC were all monospace, all for the same reason, and because of familiarity. We simply got used to monospace and came to depend on it. There is no inherent virtue of monospace.
Come to think of it, the first (mainstream) computer I remember with proportional fonts was the original Mac in 1984.