It's a model. And it will inevitably be incomplete and out of data, because the map is not the territory[1]
Of course, the same is true about the unstructured documents he laments, and whatever is done with those documents could probably sped up a lot this way, probably enough to justify the cost of building and maintaining it.
But the more advanced use cases he imagines run a big risk of making very costly decisions based on an incomplete or outdated model.
[1]: https://en.wikipedia.org/wiki/Map%E2%80%93territory_relation