I thought Bethesda did a terrible job with the setting. They relied way too much on the player to build settlements. You really take it for granted, the interactivity between all the different factions and creatures in the sandbox.
I think it depends a lot on the player.
Personally I really enjoy it, it adds a lot of meaning to all the junk you collect and feel like you can need it for something. Also its a great way to take a break from just running around and shooting stuff.
Given that we now have mods for building settlements, which in my opinion takes it to a whole new level of fun. I simply think that it would have been great had Bethesda improved on the settlement system even more to begin with. And I really hope they expand on this for both the next elder scroll and fallout and make it even better.
Again it's an option you have in the game that simply make it more fun.
Sort of like, if it was possible to run your own gang or merc guild in CP. To me this adds a lot of opportunity for the player to define their character.
A game like Pathfinder - Kingmaker is doing this absolutely amazingly in my opinion, making you run your own country and you can basically loose the game, if you do it bad. Obviously its a completely different type of game, but something similar in CP or Fallout would be absolutely epic in my opinion.
If its fallout, you could capture different buildings on the map, which could give you materials, they could trigger quests, attacks etc. And you would slowly see how the wasteland would change. In CP you could buy buildings, setup shops or other things, getting into wars with the other gangs, police, political stuff etc. And as you rise in power again, it could affect how people react to you, new quests etc. So there is a lot of things they could do to integrate and make these things fun in my opinion.
Obviously its a lot of work, but I think it would be great additions.