The wear bars are set at 2/32 inch of tread depth, which is the legal minimum in most U.S. states, so they're absolutely a legitimate safety tool - not just marketing. That said, they're really a "you're about to hit the legal limit" warning rather than an optimal replacement point. Most tire experts actually recommend swapping them out somewhere between 4/32 and 6/32 inches, which is well before those bars even start showing.
Here's where the penny test still has value: it lets you check your tread depth at any point you want, not just when the bars become visible. If you're checking regularly - say, every month or two - you can catch when you're approaching that 4/32 zone and plan ahead instead of waiting until the bars appear. The bars are great for a quick "am I dangerously worn" check, but they're not catching the gradual deterioration that happens earlier. So don't ignore them, but also don't treat them as your only reference point.
The practical answer: use both. Glance at the wear bars whenever you're at the gas station (easy, no penny required), but do a penny test occasionally if you want to know exactly where you stand. In wet conditions especially, traction drops noticeably once you dip below 6/32, so catching that earlier makes sense if you drive in rain a lot.