I have always been a bit sceptical about this, but on a recent trip had three really well done "greetings" in a row, on three different OW carriers.
First, BA, travelling CE to PMI from LHR. Despite a very full cabin, the CSM came to say hello, thank me for flying and asked about my trip. Nothing OTT, but it did make me feel genuinely welcome (rightly or wrongly!) and then proactively offered me numerous G+T top ups by name during the flight.
Secondly, IB J from MAD-JFK. Again, the purser (iPad in hand, although subtly so!) came to say hello to several of us in the cabin. Also really well done (despite a slight language barrier) and she returned shortly after with two glasses of cava for me!
Thirdly, and most impressively, AA MCE from JFK-CDG. One of the crew came back from J, said hello to me whilst waiting to take off (by name, which she must have memorised - even for the 20 seconds or so from the galley!), gave me an amenity kit from business and a bottle of water, offered a newspaper and just said "I just wanted to say thanks for choosing American - we appreciate your business". Aside from triggering a slightly quizzical look from my seatmate, it was really well done (and given I wanted to sleep right after take off, the water and eye mask were actually genuinely appreciated!).
So when this is done right, I really do think it's worthwhile - such an easy and cheap way to make people feel like a faceless corporation cares about them!