Personally, I don't believe so. As you've said, NATO was formed to operate within a defined geographical boundary, and that hasn't changed. What has changed is that the threat from the Soviet Union/Russia has significantly diminished, so to be seen to still be relevant internally, and at the behest of the USA, NATO has positioned itself as the 'coalition broker' for US global interests, and will continue to do so, as turkeys will never vote for Xmas while ever there's a gold-plated pension at the end of a career in the International Staff.