The King's Fianchetto Opening is sometimes called the Benko Opening. It is the most popular opening move after the big four, 1.e4, 1.d4, 1.Nf3 and 1.c4. It is some way behind these in order of occurrence but it's not a bad move.
It's quite similar to 1.Nf3 in that it's basically a waiting move that will transpose into any opening you need it too. The only thing is while 1.Nf3 keeps all options on the table, 1.g3 does tie you to fianchetto systems.
You still have lots of leeway to react to Black's game but if you're going to play wait and see, why not go with the even more flexible 1.Nf3. I suppose if you're determined to put your Bishop on g2 then this move has absolutely no drawbacks.