I've had a mixed bag of experiences with voice chat, but I appreciate the option. I prefer it being opt-out instead of opt-in, but I also enjoy chaos. I had a lot of fun being a shithead with friends trolling people in the pre-game lobbies for PUBG back in the day, it was less enjoyable once they turned that off. I've also had experiences when I couldn't get to the mute button fast enough depending on what was being said in Call of Duty or GTA Online. Also, some people are just so LOUD, even if they're not bombing out slurs. I still prefer having it to not having it, but it should always be an option.
Proximity voice chat is interesting, and I think can add to the atmosphere of a game. We usually use it for R.E.P.O or Lethal Company, and it certainly adds to suspense when you can't hear your friends voices anymore. I don't like it for Abiotic Factor since the maps are pretty large. I think it could add to immersion in multiplayer shooters, but it does make it harder to coordinate, and I also don't think they really give a shit about immersion at this point anyway. If they did, you wouldn't be able to use Beavis and Butthead skins in "realistic" military shooters. Then again, immersion means less microtransactions.
As far as being offensive and whatnot, I do wonder if that has lessened because the stakes are higher now. When every game is tied to your PSN/Steam/Xbox/etc. account, why take the risk of getting banned from the game if it could potentially lead to your account getting banned? There goes all your game purchases, your achievements, friends list, etc. It shouldn't get to that level of escalation in most cases, but heavy-handed censorship and moderation will win out if companies think they'll make more money or lose less money that way. Personally, if someone is being a dick to me I'll just mute or block them if I don't end up insulting them back, but that's just me.