Isn't this just restating the Dunning-Kruger effect?
Without sufficient domain knowledge you don't even know you don't have the right data, perspectives, or even know the apparent obvious paths that are actually blind alleys in a subject. Every field of human knowledge is full of these.
Telling someone they have the illusion of information adequacy is how smart people call people dumb.
> they assume that the cross-section of relevant information to which they are privy is sufficient to adequately understand the situation
Is this not the Central Limit Theorem[1] ?
Nobody this side of Eternity is working with a full data set.
[1] https://en.m.wikipedia.org/wiki/Central_limit_theorem