So basically useless unless you need to schedule a meeting with them

Depends on the size of the company and/or where you fit in the organization. If your manager is also the owner then there is something to be said about keeping a friendly relationship. If it is some middle manager several layers deep who doesn't mean anything in the grand scheme of things, then yeah, it's a waste. That time would be far better spent speaking to the CEO or board of directors.

That's assuming an awful lot, mainly about how we no longer need human connection or context with other people to be able to succeed as a team. When I took over as an engineering manager, it took a couple of 1:1s per person but actually being interested in them as fellow humans made a huge difference. One of my reports, a former teammate who I really liked and got along well with, was carrying serious depression around every day. Learning that gave me a chance to help him out, discuss my experience so he knew he wasn't alone and let me make space for him to breathe.

Which made him a more productive cog in the machine fellow human-bot!

Nothing says human connection as much as scheduled meeting and necessity to have scheduled meeting to get or provide context.

If the general mussings about a company, causual fun project and a little small talk about life require scheduled meething, you dont have those human connections with the team.

Did you considered that people understand difference between human connection, relationship and being one of mandatory duties/meeting with someone who is actually apart and disconnected?