Foot bandages should only be used when necessary, ideally only under veterinary instruction. If they are performed or managed incorrectly and they slip, they can cut off the circulation to the toes and can cause them to die and drop off.
I much prefer using other methods to manage bumblefoot (pododermatitis) and avoid bandaging to ensure the benefits outweigh the risks.
Your vet may recommend a foot bandage after pododermatitis surgery or when managing musculoskeletal injuries.