The Myers-Briggs Type Indicator has been enormously successful but you may be under a misapprehension that psychologists "so laud" it. The psychological press has given its fair share of critical analysis of the test but its very extensive adoption by the business community has given the MBTI a success that cannot be denied. It would be expected that business psychologists would stand by an instrument that has served the business community for decades.
On that basis, had the MBTI been weak and faulty, its results would not have helped the business community and the whole process would have ground to a halt. From the viewpoint of the academic psychologist, the adoption of Jung's concepts and a coherent development of these into categorising individuals in one of 16 types is creative and structurally satisfying. It has enough 'meat' to it for serious analysis. There is a good body of research around the MBTI such that an individual researcher can form his/her own conclusions about its worth.