The procedurally generated planets are just there to prevent having to use (invisible) walls or constraining players to only visit 10 planets in the entire galaxy. They don't actually contain anything interesting, but the game won't tell you you can't land somewhere. You can check out any planet you come across, gather a few resources and then take off again. Or if you really like the vibe of it, you can decide to build a base there.
It's just a way for the galaxy to feel big, even if most of it is empty. And it's a nice way to give the players who are really into base building a lot of different environments to build their base in.
Yeah, I actually am glad they're going this route, if only from a modding perspective. I know a game should just succeed on its own merits, but I've always looked at the Bethesda games from a PC modding lens. (I honestly can't imagine being fine with the console versions, though I'm sure I likely would if I had no choice in the matter.)
And if 800 of the 1,000+ planets are "empty" or "boring", that's 800 blank canvases, AKA opportunities for modders to put something cool there. (Assuming they provide the necessary tools to do so. Which is maybe a big assumption now that they're under Microsoft, who isn't really known for embracing the modding community AFAIK. [Though they've been hands-off with Minecraft Java for the most part.])
One of the problems with, say, Skyrim mods, was the world was already crammed full of specific, curated areas, and there were only so many blank spots for modders to place something, so you eventually wound up having to decide what mods would go in a certain spot. (There were often patches for conflicting mods, but ideally you wouldn't need to worry about that.)
I think this will also make "fast travel" (FTL travel?) have more meaning/context, in that you'll probably still have to get to a ship and take off before you can insta-pilot to some other quest planet (if they even allow for fast travel. Might be a "you cannot FTL travel while pirates are orbiting the area" or something.) Whereas fast travel in Skyrim and Fallout 4 made a modest-sized swath of land feel just a bit smaller.
I also like that each planet appears to be [at least relatively] planet-sized, so EVEN IF a modder puts, say, a secret base near the equator of planet Alpha Centauri Gamma (or whatever), someone else could still put something interesting near one of the poles (or even on the opposite side of said equator) and not worry about them interfering with each other. In theory. (We don't have any real details on how these planets "work", so maybe there'd be some shared planetary database to worry about editing, in terms of geographic data, population, etc.)
Anyway, I'm cautiously optimistic (though not too cautious), and am glad they didn't opt for "Here are your six planets: the ice planet, the jungle planet, the desert planet, the plains planet, the rocky planet, and the swamp planet."