It ISN'T a powerful punch due to the lack of body mechanic used. It's an arm punch. The power that is generated is from the shoulder and tricep alone.
You can use if you want, but Bolo only works in amateur fights where the intention is to land a blow, not hurting. The bolo is practically a crappy hook with too much extension of the arm.
That's the reason it isn't taught and only used in Amateur circuits. It's fast but that's it. Nothing glamorous about it.
Now if you were to put hips into the bolo punch, you'd be "swinging" which is technically different from Bolo punch.
Bolo, swinging... both of them in my opinion are crap and used only by new boxers and boxers who don't have a clue what they're doing.
The reason? There's too much space created when you do either of them, and your face is opened wide when do perform bolo or swing. I've seen a lot of new boxers get knocked out by a jab because they decided they wanted to do a bolo/swing.
If you want a good punch, jab followed with a body hook would be so much better than a bolo. Leave the bolo for the "point-sparrers".
Fight hard, but fight safe.