I utterly disagree. In fact I'd add that that statement is absurd. How could your choice NOT be meankngful if there weren't abilities involved? You are choosing...
1) Which faction you will call home
2) Which story you will further and be a part of
3) Which renown quest zone you will play in for 2 years
4) Which mount you will unlock
5) Which armor you unlock
Those aren't meaningful? So, your choice doesn't become "meaningful" until you add some generic abilities that in most cases are about as exciting as watching paint dry?
I don't see your viewpoint at all. I think abilities greatly retract from Covenants because all you hear about are the abilities and Soulbinds while everything else seems to be ignored