Calling it an ontology might be confusing indeed — nevertheless it’s definitely valuable to have an automatic way to generate and hydrate a semantic model from raw data
This really isn’t an ontology. Palantir’s marketing around “ontology” is misleading — what they (and you here) are describing is closer to a semantic layer or curated data model.
An ontology in knowledge engineering is an open-ended graph of concepts and relationships, typically expressed as triplets (subject–predicate–object). It’s flexible and domain-agnostic.