Historically, the first telescopic sights were on externally adjusted bases. Then I believe it was Zeiss that came up with the internally adjusted scope.
As for the problems of using an externally adjusted scope out in the field, any debris that could stop a weapon from firing could also not allow the adjustments to work properly. With that being said, one of the weak points of any scope is the fact that the parts inside of it move.
Imagine yourself in the front seat of a car driving down the highway at an incredibly fast speed and wearing a seat belt. Suddenly the car comes to an immediate halt, and even though you're wearing a seat belt, inertia keeps you moving forward except the belt will limit your movement and snap you back in the seat. That's what the internal parts of the scope go through each and every recoil cycle.
Target shooters used to remove anything to do with internal adjustments and fill the space around the erector tube with expoxy to hold it in place. They then would use the scope with an externally adjusted base. The less movement, the more consistency in shot placement, and consistency equals accuracy.
Like anything else mechanical, wear will occur and then you have degraded performance. And more importantly anything can fail for any number of reasons at any time.
ETA thanks to DevL I realize I never anserwed the question. No, there is nothing wrong or bad about an externally adjusted scope.