I think the different opinions stem from how the encounter table is presented.
OP makes a strong argument with a little encounter table with a built-in narrative (bear-hunting goblins, a wounded bear, or the bear king hunting goblins), but the way encounter tables are presented in the DMG is simply "roll for a random animal or monster", with very little correlation between the creature and the setting or location.
But if the DM is willing to put a small ounce of commitment into it, they can turn the random wolf or bandit attack into part of the narrative (the wolves are plaguing the countryside and forcing a small group of would-be honest farmers into banditry to survive).
It's an interesting perspective. I also never considered random encounter tables as anything more than session filler for when I want to throw a quick combat to my players without much prep, but OP makes for a strong case about weaving them into the narrative or using them as plot hooks for small, self-contained subplots.