No, BogoMIPS are just bogus and wrong. There have been several attempts to remove it from cpuinfo in the past (or to display only 0 or 1 as its value), but the need not to break (severely broken) userland software foiled those attempts. For new platforms (ARMv7/ ARMv8, etc.) there is no relation to the actual performance or clockspeed of the SOC, both for technical reasons (highres timers) just as well as the explicit intention to kill it with fire (there are no ABI guarantees for broken software requesting low-level CPU specific info from new chips).
Edit: https://lkml.org/lkml/2015/1/7/807 this thread (not just that single mail) explains the situation pretty well.