Yes but those IMs and GMs don't use it as a measure of chess strength. Especially bullet.
A discussion spot for bullet haters

Bullet is only for the tough guys. If you are too weak and too sensitive then bullet isn't for you. Only the strong survive in the cruel bullet world.

Every GM is good at bullet. It can be a good rough indicator of your current form. Bullet is also extremely good for your short calculation speed, your intuition, your board awareness and it can even help your endgames if you get into enough of them. If you play bullet like I do (a time-player) it will certainly help your defense because you are usually in a worse position Also with bullet you can get in WAY more moves and games than any other time control.
If all that you play is bullet, you may not learn too many new things, but it is certainly valuable to solidify what you already know and to increase your overall speed.

I like blitz but I hate bullet
Bullet hates you, and apparently so does the tactics trainer

Don't be discouraged if you SUCK at bullet... We all did... 5 years ago I remember when I broke 700 bullet and then 800, etc. Just gotta play long bullet sessions and keep pushing yourself repeating in your head "FASTER FASTER FASTER!"

I like blitz but I hate bullet
Bullet hates you, and apparently so does the tactics trainer
Well, most of us (non premium members) can only do 5 puzzles per day. Chesstempo is where I do puzzles.
My internet lag is a serious issue . I can lose easily 2 seconds in a bullet game despite having a good move.
nice try, but if you were even close to your emulated blitz rating... you would be able to solve 700 level puzzles in 1 second and your rating would skyrocket on your first few puzzles... Maybe there are two players on your account? lol
And for all those 'blitz/bullet' is for fools players, look at how many IM/GMs play a LOT of bullet and blitz. And stream it too!