React Hooks - useState for global state management

I know there is now the Context API which should be used for global app state management.

But I am wondering, is there anything wrong (or not optimal) with managing the global state of the app using useState and passing into props like this?

//App.js

function App() {

  const [counterA, setCounterA] =  useState(0);
  const [counterB, setCounterB] =  useState(0);

  let masterStates = {
    counterA: counterA,
    counterB: counterB,
  }

  let masterFunctions = {
    setCounterA: setCounterA,
    setCounterB: setCounterB,
  }


  return (
    <div>
      ...
      <ChildComponent masterStates={masterStates} masterFunctions={masterFunctions} />
      ...
    </div>
  )
  
}

Then in my ChildComponent, I can easily access the state and update it like this:

//ChildComponent.js

function ChildComponent(props) {

  useEffect(() => {
    console.log("This will successfully log when counterA changes: ", props.masterStates.counterA);
  }, [props.masterStates.counterA]);

  return(
    <button onClick={() => props.masterFunctions.setCounterA(a => a + 1)}>
      {props.masterStates.counterA}
    </button>
  )

}

Thanks for all the insightful comments! That really helped clear things up for me.

I was not familiar with this term "prop drilling" but now it makes a lot of sense.

I'm leaving here some useful links for anyone who would like to learn a little more about this:

https://kentcdodds.com/blog/prop-drilling

https://www.geeksforgeeks.org/what-is-prop-drilling-and-how-to-avoid-it/

https://medium.com/analytics-vidhya/props-drilling-in-react-js-934120a4906b

Edit: I just found this article here where he describes an approach like mine and lays out some of its benefits.

https://dev.to/bytebodger/rethinking-prop-drilling-state-management-in-react-1h61