I've seen snakes kept on it with no outwardly apparent problems, but I did hear something disturbing that may or may not be 100% accurate. And that is: bark contains higher concentrations of turpenes than the wood itself, and turpenes in high concentration in a cage with little ventilation may be dangerous over time.
Whether the above is true or not, bark is a pain to work with and is not the best choice. Aspen is much much better. So is Sani-Chip (i.e. LLL Reptile sells it). I think Walmart sells shredded aspen. Even that coconut husk substrate is better than bark IMO, although it sticks to everything wet and will get in the water bowl daily. At least it is non-toxic, no maybes.