Not necessairly bad, it just changes the rules a bit, and makes you use your moveset in a different way.
For example, for those same 2 meters, he could have used EX Burning Hammer, and then a normal Galactica Phantom. Or maybe EX Gatling into Bareback Vulcan.
Over-abundant invincibility slows down matches, anyhow. But a tool that gives you a skilled way to counter, that most opponents aren't going to consider you using correctly, that's a nice trick up your sleeve; high risk, high reward. It gives you control, if you really know your character, but some neophyte won't just be able to mash through and win without learning the character.
Pure invincibility is Shen's EX Punch Gimmick, anyway; Ralf's more of an unstoppable meatshield.
I now look forward to the day when my midscreen "roll trap" haoushokoken's are absorbed by Ralf's FACE, while delivering the
REAL MAN'S PUNCH! This style might also go through something like Shining Crystal Bit, since the Guardpoint absorbs the impact. Pure invincibility-until-hit would probably trade, however.