I personally prefer the fine crushed coral, it doesn't blow around and get into the pumps as easily. I would recommend to stay away from sugar sand, my first tank had that as I loved that look, but real quick I found out it just gets everywhere, and can really wreck the magnets in pump motors pretty quick. The other consideration is the coral type. I want sps, I really don't like lps or softies at all, so I want a nice big calcium reservoir in the tank if the coral needs it. I dose calcium, but you just never know (it's a bugger trying to get good specs on calcium levels, so I just like to have tons). I dunno, I really in my soul think a bare bottom only works until it crashes, and knock on wood, I haven't had a crash outside of equipment failure, in 10 years. As well, zoos have no problem growing ALL OVER crushed coral, like the weeds that they are. I start them with a flat rock down in the substrate, and they just spread out from there.
As others are pointing out, it's definitely possible to do bare bottom. I just think you would have to be much more diligent with filters, additives, parameters etc. I mean, if you don't have 150lbs of bacteria habitat, you're either relying on just the liverock to clean the water column, or you have really good mechanical filtration. I mean, I can only tell you what I'm familiar with, what works etc.