MD5 brings the feature that you'll forever be explaining why you chose a function that had already been broken for 30 years when other options were readily available.
Truncating a fixed number of bits does not make a good secure function less secure, other than the implications that the shorter length has on brute-force and collision strength.
In some cases it can even make it even more secure, e.g. SHA-2-512/256.
This is part of the entire discussion, it's possible to use algorithms originally intended for cryptographically secure purposes in places where the reversibility/collision properties aren't considered problems. And likely this will only happen more frequently as algorithms are picked because they have hardware acceleration and are fast rather for the underlying security properties.
BTW: There is a fun game that I've played; see how much you can truncate a modern cryptographic hash before it becomes trivial to find collisions.