Of course they can. That is why we need to be careful while using them in powerpoint presentations.
If you had experience in any corporate presentation or sales presentation, you might often ask yourself silly questions like- how come the presenter forgot a few obvious points in his/her slides. Why are there too many bullet points in a single slide? In a few other cases, why there is so much description under a single bullet point?
Fine, powerpoint slides are all about bullet points, but how you use your bullets determines whether you are shooting at the right target; to yourself (suicide!); or you are shooting at stars. So, there could be three types of presentations depending on how you organize your bullet points. In the first case, you put a few bullet points (not more than 5 in a single slide, as a rule of thumb) that clearly capture the gist of what you are going to say in those points. You refer and look at slides casually, but more seriously to audience and to your talk. This would be a good presentation. Presentation is not about powerpoint, it is about what YOU DO.
In the second case, you are shooting at yourself, that means you are putting points in slides and presenting excellent points that are only understood by yourself. You get a bunch of blank eyes among audience who agrees to the fact that you know a lot, but wondering what you are saying. That is a suicidal presentation. A lot of us are killing ourselves everyday with this sort of excellent sounding presentation that fails to connect to our audience.
The third one is much funnier type of use of bullet points. You are shooting at stars, and there are a lot to shoot! This means, you are neither aware of your target audience, nor do you clearly understand what you are saying. The worst part is that, you do not even know what is missing that should have been covered in the presentation. In my humble view, many corporate presentations fall in this category, unfortunately.