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A couple of important limitations to the concept:
The concept assumes that beliefs should be tied to observable, testable phenomena. However, there are many important aspects of life and human experience (like emotions, subjective experiences, and certain philosophical or religious beliefs) that aren't easily observable or testable. The concept can be less applicable or useful in these areas.
It also doesn't address truth value: The concept encourages beliefs to be tied to specific anticipations, but it doesn't necessarily address the truth value of those beliefs. A belief can generate specific anticipations and still be false, or not generate specific anticipations and still be true.
This concept doesn't explain why certain beliefs persist even when they don't lead to accurate anticipations. Factors such as cultural tradition, emotional comfort, cognitive biases, and lack of exposure to alternative viewpoints can all contribute to the persistence of beliefs, even when they don't "pay rent" in terms of generating accurate predictions
There's a risk that people might selectively interpret their experiences to confirm their existing beliefs. This can lead to a situation where beliefs seem to generate accurate anticipations, even when they're not actually based on valid reasoning or evidence.