Indeed a careful hyperparameter choice is the only key now to have good generalization. As I understood it, the goal here is more to show that the correlation between the regularization of the network and its generalization power is far from being clear as it is for other ML algorithms like SVM.
In short, NN hyperparameters help to reach generalization, but cannot "explain" it. It's the key difference here between practice and theory.
This must be the case because the generalisation performance can vary significantly while they all remain unchanged.
Maybe it was just me, but I read an implied "alone" in the sentence you quoted, ie:
"Or in other words: the model, its size, hyperparameters, and the optimiser, alone, cannot explain the generalisation performance of state-of-the-art neural networks."