I've seen it used in many tanks, although from my understanding, it's not a true species of bamboo but instead is a species that has the appearance. These plants can live partial submerged into water, as long as their leaves are above the water line (or the top of the plant is), otherwise they will rot slowly from the inside out. I personally never knew that they were toxic to cats, but that is something to be noted for sure for those who have tanks with cats (or near possibly stray cats).
Some other easily grown plants are any species of anubias, java ferns, and any species of moss. These don't have the stalky appearance that lucky bamboo has, but can do the job fully submerged without the risk of them rotting or dying under low light conditions.