I was there.
Circa 1980, GOTOs in early BASIC and also 6502 Assembly were appropriately used to maximize the limited resources of early desktop computers. A particularly elegant technique on the Apple II was to POKE instruction codes into the keyboard buffer and GOTO it (the Lamb technique IIRC). While the KB buffer was only something like 128 bytes, it was long enough that a GOTO to a computed destination could be built in it and, wowsa, suddenly Applesoft BASIC had a very powerful CASE emulation.
Naked GOTOs were no longer needed when disk drives replaced tape drives, and RAM grew from 4, 8, or 16 kilobytes to the incredible size of 640 kilobytes. We still used GOTOs that were clothed within Structured Programming constructs (IF-THEN, DO-UNTIL, WHILE-DO, etc) but those were tamed GOTOs. The wild, naked GOTOs became much more rare and good programmers charged with maintaining legacy software would savagely hunt them down and destroy them.
Meanwhile, Gee-Whiz BASIC (arguably the only really good thing to ever come out of Microsoft) let us replace line numbers with labels and brought about the Business BASIC revolution circa 1985.
Dijkstra first used the phrase "GOTO considered harmful" in 1968, only 3 years after BASIC was written and about 7 years before BASIC was widely used (the costs associated with moving from Big Iron using centralized card and tape readers to minicomputers with networks of remote terminals slowed BASIC's adoption.) He was talking about FORTRAN and COBOL practices. His work was part of the slowly dawning recognition that it was not sufficient to write a program that solved the problem; that you also had to write it in such a way that you could maintain it or repurpose it next month or next year. That was the dawning of what became known as structured programming practice.
Bringing this back to the present, using recursion makes a great deal of sense when time to production, long term costs of code maintenance, or repurposing are things that need to be considered.
Obviously if the code is one-off throw-away, like a tool that will be used in converting the accounting system database from warehouse inventory to just in time purchasing, then maintenance is not a consideration but neither is efficiency. Slap together whatever will work and get on to something else asap; don't take time to rework a recursion into something faster or more robust unless the software breaks on a pre-production trial run. And then look for a quick and dirty fix.
But if the code is likely to still be in use five years in the future, then write it so the poor bastard whose got to maintain it can understand it as quickly as possible. That could well mean using recursion. The same goes if chunks of the code might be re-used in some other way, say for example taking chunks from an inventory application to build a library system for maintenance manuals.
Also keep in mind that today's hardware limitations will not apply to tomorrow's problems. It is perfectly acceptable to use a recursion that you know will fail on the 20th iteration if you also are assured that there will never be a need for more than 19 iterations in the next 5 years. In other words, don't waste yourself trying to fix tomorrow's problem, which may no longer be a problem when tomorrow rolls around.