Of course there is risk, but I've held the opinion for years that the reward often outweighs the risk—when done the right way.
Watch, next time you're watching a game, you can easily count 3-4 times during the game when—if the ball carrier were to pitch the ball—it would be a walk-in TD.
With the Chiefs doing it effectively Monday night, I expect it to catch on, and we'll see it more and more.