Yes, this is a wildly uneducated perspective.
Procedural generation has often been a key component of some incredibly successful, and even iconic games going back decades. Elite is a canonical example here, with its galaxies being procedurally generated. Powermonger, from Bulldog, likewise used fractal generation for its maps.
More recently, the prevalence of procedurally generated rogue-likes and Metroidvanias is another point against. Granted, people have got a bit bored of these now, but that's because there were so many of them, not because they were unsuccessful or "failed to deliver".