The only time I've ever used SM57s for acoustic guitar is for live sound and I've never been unhappy with the results. In the studio it's pretty hard not to use one of the "subjectively" better options when you have the choice (KM84, C414EB, MKH404, etc.).
To paraphrase a chopsticks wrapper from Chinese take-out: if what you need is "the typical and traditional of the acoustic guitar's glorious history and culture" then one of those subjectively better options is indeed the right move!
But sometimes that's not what I want, and I occasionally choose a 57 on acoustic guitar for a similar reason I might choose an upright piano over a freshly-tuned Steinway D.
It's a different color on the palette; a valid one... nasal, smaller, boxy, less 'pretty', and it evokes different things. It's all a matter of opinion, but to me, if a gorgeous high-fidelity acoustic guitar is out of character for the recording, it can be just as "wrong."
For instance-- the below recording has an "awful" acoustic guitar sound. It's boomy and boxy and one-dimensional and weird. But that awful sound also is part of a complete picture wherein it fits. It sounds more dystopian and 'broken' and vulnerable, if that makes sense, which (to me) supports the vocal and lyric very appropriately. I don't think a gorgeous, shimmery D28 recorded with a KM54 would've done a better job of "selling" the song's emotion, or painting the picture. I actually think, in context, such a sound may have been out of character and could've even weakened the overall artistic statement. And certainly would've made the record less distinctive.