Should one stop loading UIView from xibs?-Collection of common programming errors
You should only use child view controllers when you are building custom container view controllers, or your layout is very complex.
Now for my opinion: I always use storyboards, because they allow you to express an entire screen all at design time without having to assemble it (like your code above) at runtime.
So, even if you choose to use a storyboard for each individual view controller (some large teams do this to avoid merge problems), you can have all of your views and view controller laid out and connected together.
If you are looking to create a dynamic number of a certain view at runtime, I probably would just code the view, or if its very complex, I’d store an NSNib in an ivar and instantiate each view from it.
Bottom line: child view controllers in no way replace or are even related to your code sample of how you use to do it.