The main scenario it rules out is one where intelligent ET life is common and we are late to the party. I feel like both those things can’t be true or we would see evidence.
I do find it fun to think about because it unfolds under scrutiny into such a vast tree of possibilities. But that same huge tree of possibilities makes it hard to say much.
One of my favorite wild speculations is that there is somewhere more interesting to go than space, and more accessible, and eventually whatever that is gets found before starships get built. What could that be? A traversable multiverse maybe?
That belongs to a subset of scenarios I call “positive great filters.” That’s where the great filter is a big success that renders space flight unimportant or uninteresting but does not result in extinction.
What about hyper-miniaturization. Maybe you can have something the size and scope of a galactic civilization without leaving home by folding your minds and everything else up into quantum states or hidden extra dimensions. Think a civilization of “sophons” (three body problem reference) with trillions upon trillions of minds occupying a few square meters of space and consuming a few hundred watts.
Yet another is some kind of remote sensing that lets you explore without physically moving, like a real equivalent to remote viewing. There’s a sci-fi novel called Blind Lake about this. Combine with miniaturized super efficient information processing and you could have superintelligences that explore everywhere and learn everything without going anywhere.
Lots of speculations and possibilities if you allow for the fact that we’ve only been doing science seriously for about 150 years and surely do not know everything.
There are a thousand scenarios where those things are true, e.g. the Zoo/Planetarium Hypothesis, but they tend to result in the conclusion that we're being somehow manipulated and can't trust our observations, so they're strongly disfavored on scientific grounds... Which does not rule them out.