Everything I can see you saying -- much if it agreeable, like the fact that long-exposure OIS makes a lot of what this technology currently does possible without it -- is simply handwaving away the fact that EIS-over-burst with OIS can achieve things that OIS cannot by itself.
It seems to me that it's patently true that EIS has some benefits, and those benefits can be realised over the top of OIS.
There's obviously still a fair limit to OIS. I have somewhat shaky hands and even using something like Olympus' top range 5-axis IBIS, which is the best I've ever seen, I can still only shoot at 1/10". What can EIS do with a burst of 3x 1/20" exposures? Probably counter for my shaking a bit, at least. (If not for subject movement, yet.)
I simply do not see why you're discounting this so heavily.