Bad estimates are worse than no estimates, but if you are doing work complexity estimation and measuring velocity (which you need to do to evaluate internal process changes, manage workload, and for lots of other purposes), you are incidentally gathering the info you should need for excellent estimates, which are not necessarily hyperprecise but are excellent instead because they can explicitly quantify uncertainty as well as mean expected delivery time.
Bad estimates are worse than no estimates, but if you are doing work complexity estimation and measuring velocity (which you need to do to evaluate internal process changes, manage workload, and for lots of other purposes), you are incidentally gathering the info you should need for excellent estimates, which are not necessarily hyperprecise but are excellent instead because they can explicitly quantify uncertainty as well as mean expected delivery time.