Evangelicals sometimes hold to it - basically, there's a whole 'thing' about nuda scriptura amongst certain protestant sects, especially those which gained prominence in the modern US in the 19th century. In the minds of these sects, by nuda scriptura - 'bare scripture' - there's only one authority on theology, and that is the Bible, interpreted literally. To them, then, the entire Old World church hierarchies and traditions are some bizarre Satanist plot to lead Christians astray by NOT following ONLY the Bible and nothing but the Bible.

Catholics tend to emphasize things like Church tradition, and even reason (gasp), as means of constructing theology, while Old World-originated protestants sects, like Lutherans, tend to view the Bible as the highest but not only source of theology (sola scriptura). To New World sect evangelicals, the latter is misguided but essentially harmless; the former is (though they would never use this term, instead preferring to denigrate their enemies as not Christians at all) heresy.