50m lenses are very common and very useful.
Everybody will use this lens in therir own scenario.
I dont use this lens much, I have the 24-70mm 2.8 lens which cover the 50mm range and in most scenarios f2.8 is more then enough for me but I will use it in 2 situations
1.When I need the extra light coming into the camera.
Last time I used my 50mm was in a wedding I shot few weeks ago, conditions were very poor and I shot it all in f1.8, was very helpful and results were very pleasing.
2.I will also use it if I take (on rare occasions) my crop sensor camera (D5100). Since its low light performance isnt even close to my D750 I really do need every bit of Iight I can get and this lens is good at that.
Another scenario this lens is perfect for it if you own a crop sensor camera and want to do portrait, this lens is a very cheap and extremly effecting to shoot wide open and get a nice blurred background.
When you compare this lens to another lens, most likely you will notice the key difference are the focal length which directly related to the field of view(FoV) and the max. aperture which related to the max amount of light allow to enter the camera at a given time and the Depth of field (DoF).
You may have other lens(es) that cover the 50mm focal length (give to the same or similar F0V) but they may not allow more light entering the camera (smaller max aperture) or the background isolation is not as good as the f/1.8 lens can offers.
I think the key is understand and learn what your lens can do base on it's properties and use it accordingly.
It is quite common that lenses are recommended by users in the forum to new comers. There is a chance that OP was recommended by someone to get the 50mm f/1.8 lens (of course I could be wrong, I am just guessing) because it is one of the lens often referred as "a must have lens" or "every photographer should have one in their bag".
In my opinion, lens is a tool and it help us to achieve our goal. It should not be what I can do with that tool. It may not sound strange, but if you apply it to other tools, it may be strange. For example, I just bought a circular saw, can anyone suggest what I can do with it? (OP please understand I am not making fun of you. Hope you don't feel that way, if you do, please accept my apologies.)
So my recommendation is learn about the characteristic of a lens, learn about how focal length, aperture, shutter speed affect your photos. So when you see an opportunity, you can use the right tool to do the job. And that could be the 50mm f/1.8 lens.
A 50mm on a full frame camera is close to regular vision view. On a crop sensor it's closer to a portrait lens but in each case is relatively fast at 1.8f and sharp.
Before good zoom lenses many guys kept the 50 on the camera most of the time on the street.
Light, sharp and the frame is close to what you see with your eye.
Many years ago, many people bought a 35mm SLR and the 50mm f/1.8 and that's all they use. Many of them never bought an additional lens. So it must be good for a lot of things.
IMHO I think it's OK for all types of pictures but not especially good for any particular type.
I got the 50mm to use as my inside lens for taking shots of my kids at first. After I figured out the settings, I could take low light photos inside without a flash. It's been great for family album shots and a great walking around lens once I got used to moving me instead of the lens.
Here's one from Easter.
I also used it on the fly last week at an impromptu photo shoot with family. This would have been great if I hadn't cut their feet off. Luckily, family didn't care.
I fell in love with this lens after it was recommended to me - granted it was recommended as a good option for taking shots of the kids in the house in low light without a flash. It can also be a nice portrait lens. I've used it on outings with the kids. It's my go to lens right now because it really is quite versatile once you get used to it. I know some prefer a lens with zoom, and I think it's just personal preference. I know my composition improved once I started using a prime lens but that may just be me.