The use of Abstract Expressionism as a deliberate propaganda tool to promote a politicised concept of "individual freedom" is well-documented.
If there's nothing of lasting value there, that would be - ironic.
I wouldn't go that far, but I also don't think you can recreate it with construction paper and Elmer's glue. As the OP says, a big element in Modernism is breaking (up) with the past, and you can only really do that once.
The thing that gets hung on a wall is a snapshot of a process, and in Modernism the process is more important than the snapshot.
What hasn't changed is the use of art as a status marker for the rich and powerful. Those glorious Classical and Renaissance pieces were painted for the same reason.
In Modernism the-thing-on-the-wall is more of a repository of intellectual, cultural, and historical and commercial associations as a thing to look at for its own sake. The obvious manual labour - the representational brushstrokes in traditional art - were replaced with the intellectual labour of commercial self-justification as a value in itself.
Essentially it's a semi-corporate sales exercise - which of course captures the culture around it much better than classical figurative painting would.