Procedural stuff is great for filling in details or fleshing out a background; it's always a major disappointment in terms of having a fun-filled, interesting universe. This is something that's been tried a lot, actually, mainly in space games; Battlecruiser 3000AD being the first big 3D title IIRC that tried it out.
TBH, I'd much rather play a game with 20 really excellent ships that are all unique and fit into interesting niches than a game with 20 billion combinations of boring boxes where each time the universe generates, it's obvious which ones are OP and UP and there's no point in exploring the "infinite universe" because there's no story, no dramatic tension and nothing interesting to do.
Oh, look, the Sausage-Cyber-Galvatrons are now at war with the Ecumenical Rodents, for complex simulational reasons that I don't understand that aren't explained in any way beyond some lame text box presentation. Wow, I wish I cared about these randomly-generated critters and their problems.
I get why a brilliant young lone-wolf programmer who obviously isn't much of an artist wants to go this way, but frankly the video leaves me wondering why I'd want to play a game where dark boxy things fight other dark boxy things in a universe I don't care about enough to take over.
I'd much rather play a game with a soul