Part of what you are saying seems to focus on the idea that "these ideas are fundamental and everyone is doing this", which is true but a slight misdirection from other important issues.

The reason they are fundamental and popular is because they are very compelling ideas with very plausible assumptions, and they tend to chronically outperform other strategies. It is like someone saying "Assuming average performance going forward is the stupidest idea since beanie babies" - ok, they can say that. Sometimes it is true. But it is a default position of such overwhelming practicality that there needs to be a really good reason to move away from it.

The issue isn't going to be the ideas, misinterpretations and misconceptions about applications are the problem and that happens no matter how good or bad the underlying idea is.