I think there's value in bonding events, but they should be bottom-up -- the team should just pick things they collectively enjoy doing and do those.
There are also plenty of things I enjoy doing which I wouldn't want to do with coworkers, for EoE/HR/etc. reasons. Or just because they're not particularly inclusive; if you have a team with a few 22 year old Mormons, a 45 year old ex-hippie, some bikers, "normal nerds", etc., the favorite activities of each aren't likely to overlap, but some kind of mutually fun things still probably exist. Meals are a pretty easy bet on a safe activity, modulo religious/dietary restrictions.
There are also plenty of things I enjoy doing which I wouldn't want to do with coworkers, for EoE/HR/etc. reasons. Or just because they're not particularly inclusive; if you have a team with a few 22 year old Mormons, a 45 year old ex-hippie, some bikers, "normal nerds", etc., the favorite activities of each aren't likely to overlap, but some kind of mutually fun things still probably exist. Meals are a pretty easy bet on a safe activity, modulo religious/dietary restrictions.