FWIW, I used to love this phrase but over recent years have come to understand it is quite damaging. We live in a society where evil frequently hides behind a ‘stupid’ label, and people bring this quote up to defend or soften actions that are indeed done out of specific malicious intent.
Yeah, I think this needs to be update for the modern age. "Never attribute to malice that which can be explained by greed." Seems to fit vastly more situations.