That’s assuming that the generative technology remains stagnant. I wouldn’t be surprised if, eventually, the systems get complex enough to conjure up entire minor quests at runtime. Honestly, it’s just a further development of procedural generation, I don’t see how it’s going to stall out at “meh dialog”.
I see where you’re coming from, but also think it’s a tad hasty to say it’ll never lead to anything but fluff. Excitement should be nourished, cause it’s the people who are excited about new things that will explore what could come of it. Now let’s give 'em time to cook.