It sounds like that would have a lot of the same issues that No Man's Sky did. It's hard to make a procedurally generated world be meaningful. I don't think that problem will be solved by adding more processing power - we need a breakthrough in game design or theory
Gameplay is often hard, they played it safe by using well tested concepts. There is however a "hack" you can do if you you have a cool engine but lack gameplay - just make it a multiplayer sandbox experience, and the "gameplay" will be invented by the players and community.
NMS had problems of a completely different character at launch. Once they fixed the bugs, added the features that were missing and did a lot of polish, people really like the game. It's very well-received now. Here's a short story of how and why it had a bad launch https://www.youtube.com/watch?v=O5BJVO3PDeQ .
