i think bishop fienchetto only helps if the center is kept open. if the center is closed,these fienchetto become useless. so a player must keep the center open to play fienchetto bishop. also fienchetto bishop often works well if it points to side where the king has castled and the center is open.
now-a-days , almost everyone know this idea hence it is not good to fienchetto bishops in general.
EDIT: with due respect thrillerfan, i never said anything about king's indian defence. it looks like you are stuffing words in my posts . aslo i said that fienchetto bishop are useless IN GENERAL . inother words, these fienchetto bishops become passive if the center is closed.
a bishop is bad or good depends upon your understanding of the position.one more thing, i never said that bad bishop leads to bad position . my point is bad bishop becomes passive.
Looking at stats of the Sicilian Dragon it seems to be. White wins are roughly 40 to 45% versus 30% for black (according to chess.com) even though the bishop bears down on the center squares.
The scope of the bishop may be a factor. The number of squares under pressure by a fienchetto is 9. If you have your bishop on c4 or f4 it's 11 and you have greater flexibility for tactics and trades in my opinion.
What do you think and am I wrong.