Very common in industry. A lot of them are part of static VAR compensators:
https://en.m.wikipedia.org/wiki/Static_VAR_compensator
As opposed to a
STATCOM or a
Synchronous Condenser
Basically gives you real-time power factor correction so you don't get billed for awful power factor by the utility. Doesn't really provide anything in the way of short-circuit ride-through, unlike a capacitor on a DC circuit (or a synchronous condenser on 3-phase AC).
Even more off-topic: Synchronous condensers were sort of considered to be ancient near-obsolete technology up until very recently. Due to the proliferation of non-synchronous generation (especially photovoltaic inverters and inductive wind turbines), there simply isn't enough rotational inertia in the grid to keep things stable in some extreme cases. So now utilities are going back to ancient technology and now also adding giant flywheels to them for extra inertia. Functionally speaking, a synchronous condenser serves the same function for AC as a capacitor does for DC.