It somewhat boils down to the reasoning behind why this hint has been mandated. If this is reporting and pinpoint accuracy is not important, then it possibly ok. I would prefer to move the data away from the OLTP database to a warehouse so you can do stuff with the data without impacting the production environment of the application. I would prefer to use read uncommitted instead of individual hints but the result is the same.

If you are using NOLOCK in your production environment this is a much more serious issue. Making decisions for an application (especially if it involves finances or money) is a very bad place to implement NOLOCK. Worse yet is when management makes a blanket mandate that all queries use that hint. This is a VERY bad situation and one that needs to be addressed sooner rather than later.