That’s still a distraction if you are working on something not trivial. Useless meeting like this gets you out of the zone and cancels your mapping of the problem in the brain. You then need to go back to your computer and spend some time getting back to where you were.

If there's nothing to say in mine, I just cancel it in advance. Organization of the meeting can be done asynchronously and in advance.

Is a disruption for nothing better than a disruption with an illusion of productivity, or that maybe one person got something out of?

On the other hand though, I do think it lowers the barrier if you actually do have something to say - since you know the meeting's happening anyway and isn't something you have to request or say Yes actually I do have something to say today.