This very question was the subject of a lengthy debate between Norvig and Chomsky. I won't rehash it here, but here's a glimpse:
Chomsky: Statistical analysis of snowflakes falling outside the window may predict the next snowflake, but it will do very little for weather prediction, and nothing for climate analysis.
Norvig: Give us enough data and we will get close enough for all practical purposes.
This kind of reminds me of the plot of the current season on Westworld (no spoilers). The amount of data needed to really have "enough data" is often not practical, therefore (ironically) never letting you apply it "for practical purposes."
Chomsky: Statistical analysis of snowflakes falling outside the window may predict the next snowflake, but it will do very little for weather prediction, and nothing for climate analysis.
Norvig: Give us enough data and we will get close enough for all practical purposes.