The problem with ML in my opinion is not that we're missing some sort of fundamental theory, but that there simply is none. ML is essentially fancy pattern matching roughly resembling the human visual system, which is why it happens to be good at tasks related to perception. It's not some master algorithm, it's not going to produce sci-fi AI, and it probably isn't even suited to solve most problems in the realm of in…
It seems that an application like cancer diagnosis - feeding in test results and medical information to a NN, it finding patterns better than any human could, has nothing to do with human perception systems. It's just much better and faster at detecting patterns in complex things than humans are.