Add in the fact that CPUs and GPUs are expensive as fuck, in short supply, demand high power, while FPGAs are pretty cheap and efficient since they don't do much you're going to find a lot of designs that call for them over a beefy and expensive chip.
That said, arm and risc V cores are dirt cheap. If your algorithm isn't hitting the memory wall it probably isn't going to be faster via HLS.
I know it's working perfectly fine for us and even the strongest advocate of using Verilog directly was converted by now to only using HLS.
I got it explained like this: HLS has it's own class of problems and you definitively need some time to get used to how you need to write code that is actually synthesized in a way you intended it to be. However, once you got used to it, development using HLS is way faster than writing Verilog directly and our FPGA guys basically said that we would not be where we are if it weren't for HLS because of this.
So it seems that it's actually working quite fine in practice but obviously not without it's own problems.
Maybe this is completely wrong, but I have this gut instinct that they must be extremely brittle. That's based on being a CPU/GPU compiler person and knowing, for example, how many difficult problems are still out there for automatic GPU code generation. I find it really hard to imagine that with all the additional challenges you get with FPGAs, that you'd be able to make this really work for anything beyond the most bare-bones examples. (But I'll admit that I don't really know what I'm talking about.)
Anyway, it's good that it's open source. Hopefully more of the magic will be open to public inspection now.