I think you can create a strong narrative in an open-world environment(Vampire TMB, Fallout NV) but whether Bethesda is good at that or not is another question.
Bethesda are ok at creating interesting lore but a thought provoking narrative with memorable characters is not what they are known for.
But I wouldn't be surprised if The Outer World manages to pull that off. The setting is much more crazy compared to Obsidian's last three games(PoE 1, 2 and Tyranny) and it gives them more freedom to experience and deliver a crazy narrative. The Outer Worlds looks average(gameplay wise), but the story and the characters is what I am really looking forward to.