The idea was that your small indie team could keep up with the big content demand since you had algorithms generating seemingly evergreen content for your players.
What happens in practice is that the players begin playing your game at a meta level, learning how the generative process itself works; effectively removing the benefit of procgen content. As an example, consider Spelunky which claims it can generate millions of unique caverns to explore. If you assess that claim visually, it's true. But watch the streamers play and you will see that they 'speak' the algorithm. By observing the shape of a cavern in one area of a map, they know the algorithm had to make a specific concession elsewhere in the map. So this content isn't really procedural for them anymore.
Even if the "AI" content generators get more intelligent, it won't free up resources. Mechanically interesting content, as demonstrated by the indie games of the last decade, is just a different form of handmade content. A designer hand made the procgen algorithms. Players ultimately bond with the designer(s), no matter what meta level they build the content at. In a hand-built game you might start to get a sense for where the designers hide treasure chests. In a procgen game you learn the algorithms themselves and how to predict and abuse them.
There's another form of game content, story content, which remains an edge for humans. Algorithms, or "AI" if you must, can't compete here. It would be the same as waiting for AI that can write award winning movie scripts.
The marriage of story content and mechanical content is a superior game-making formula to the procgen approach. So the _some point_ you refer to is probaby far away still.