[quote=@The Harbinger of Ferocity]What is the appeal of "hyper fantasy", wherein magic is just everywhere and essentially combines with or replaces technology? I mean this in the sense of, what is the point? I have noted a strong leaning of persons towards this mentality, where fantasy elements are just common place and everywhere; people see these really unusual, fantastic and impossible things without any reaction or reflection on them. Why even make it "fantasy" at that point when everyone can do it and the world has no great unknowns? You've bottled the genie already, more or less.
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I would expect the same reasoning for any fantasy setting: because it is impossible for us to use magic in the real world, and delving into the possibilities and where they lead is an interesting mental exercise. For example, if everyone can use conjuration magic to create food and water, what is the purpose of work and commerce? If the necessities are covered, why would some even bother to work at all?

Usually however, even in extreme high magic fantasy settings, there are limits. Spell slots or mana points, or perhaps people only learn specific schools of spells. I have yet to find an intriguing world where every person is able to perform every type of magic with no limits. I have, however, seen worlds where magic replaces technology, and the lore behind these worlds are usually quite intriguing: gods conferring with man for a mutually beneficial symbiotic relationship, or a mage association rising to power due to their collective abilities and keeping others under their thumbs. 

In addition, these fantastical worlds are balanced by even more fantastical challenges. Magic usage is often concentrated in specific areas, leaving the rest of the world unkempt and overgrown. Nature mixes with mana and grows rampant and unchecked, creating massive monstrosities that threaten everyone they see. Or perhaps mana is being used at too great a pace and is slowly destroying the world as life-giving energy is wasted. 

In short, the point of high fantasy is to create impossible challenges and limitless stories, then give the player the ability to rise up to the challenge. High fantasy worlds typically are not fully explored, and neither are they without unknowns (in fact, usually quite the opposite).