Not sure how many companies offer it, but it seems like it’s still a thing. My current company offers it, and the practice is to ask one question before approving: “have you talks with your team about it and made any arrangements needed for coverage?” A “no” to that question is fine in urgent situations and just means the manager takes on doing that prep ex post facto, but in almost every case the answer is “yes” and the time off goes on the books.