This is absolutely correct. What is Figment now? A purple ball of annoying sound and fury, signifying nothing. He had meaning because of his involvement with the ride, which itself had meaning because it tied into the broader concepts that animated original EPCOT. Modern Figment is a lump of kitsch designed to move merchandise to people hungry for something Disney demolished. In fact, the antagonistic twerp in the current ride bears only a physical resemblance to the creature of child-like wonder in the original.
Narratively, as UNC says, Figment doesn’t really work without a mentor- figure - a Dreamfinder. I’d LOVE a huge, beautiful Figment and Dreamfinder dark ride that captures the spirit, scope and… imagination of the original. That’s the only way Figment can become Figment again.