So, looking at the trailer, it seems they're trying to solve the sameness problem that No Man's Sky has -- where procedural generation is great, but once you land on a planet, everywhere you explore looks the same.

That said, this might still be the case here. Instead of unique planets, there's probably unique biomes or something. So you end up with No Man's Sky but without the vast emptiness.

The real problem with No Man's Sky (and Starfield) is that once you're done exploring the frontier for a while, you want to find a city or something. Here it looks like multiplayer base building like No Man's Sky is the closest you'll get. Procedurally generating a city (in real time as you approach it) is probably outside the bounds of realistic without making it super repetitive.

Nevertheless, as someone with hundreds of hours in No Man's Sky over the years, this looks like it could be nice. Similar generation engine, tweaked. Same sort of visuals. Similar gameplay loop.