You make it seem like this is my personal opinion, when the ability is clearly described by Momoshiki as being some kind of omnipotent ability that can create worlds. Tbh I don't care about the Ring thing that flew across the planet, i doubt it is indicating the range. It affected other Dimensions even though visibly not being there. Separated space and times.
What she did in this instance was to do with human consciousness but that's not the limit of the ability just one application.
I don't mind waiting, though. People have been doubting her ability since the introduction, and it gets better and better every chapter. I am confident it will end up as some multi dimensional reality warping as it should be, considering it's kind of the strongest Shinjutsu in the verse.