I've always been a big prog fan, not only prog metal but all prog music, old and new, and honestly I don't care about the label.
I mean, current prog rock sounds nothing like 70s prog and is not even written in the same way and from the ealry beginning of prog music to nowdays a lot of things has become clichè and that's mainly because progfans love cliches.
Prog metal has indeed become formulaic (is this a real word?) but not every band follow the forumulas or all formulas at the same time.
I've worked with "retro prog" bands and labels mulitple times and I can tell you that labels ask bands to include mellotrons in the arrangments and ask the mixer (me) to turned them up because people expect some mellotrons.
Part of the prog audience is very conservative wich is the opposite of being progressive.
But it's not all of them, not all the bands.
There's a lot of good music out there and music doesn't need labes to be good.