As I recall, while it does cause significant blooms in the areas that you seed, it also induces nutrient depletion in other regions, suppressing growth there and potentially damaging ecosystems that developed around the natural nutrient gradient. It became apparent that the “free lunch” wasn’t actually free and it was mostly just rearranging where things grew based on the interaction of various nutrient gradients. The net effect is therefore much smaller than originally thought and there is a risk that it inadvertently reduces the output of important fisheries due to complex oceanic chemistry interactions that are not fully understood.
I don’t think much has changed with respect to our understanding of it. It is currently filed under “probably a bad idea” as far as I know. But that’s why we do the science.