Using Loctite isn't necessarily doing things 'incorrectly'....It's a product developed to do a job. In the case of threadlock for example, it serves to replace/augment the function of spring washers etc. and is just an alternative method for achieving a similar result...
Regarding Johns original post replacement of one or both components would restore the original fit...However, in the event of non availability of parts or a very high replacement cost and in a situation where the wear isn't excessive, Loctite can serve to produce an entirely workable result...
I have found that from practical experience of that exact situation....
In the case of bearings that are loose in their housings I am far less comfortable with its use due to the obvious problem of accurate alignment after the 'repair'. There I think the extra cost and effort of an engineered solution or component replacement would be the remedy that properly produces the specification required...
It's really a case of assessing the job realistically and using the product in applications where it is suitable...Ian