Not legitimate at all if you consider courts of law dismiss memories retracted in hypnosis as tampered evidence.
But it is effective and accurate if done correctly. Correctness includes awareness of the purpose and appropriate skills to create a safe and reliable regression. The hypnotist must make a judgment call as to the worthiness of the task so to speak.
The service exists but whether it’s a good idea or not depends on many factors outside of the concepts direct validity and reliability.