I think this question carries a fundamental misunderstanding of modern (post-Hegelian) philosophy in general and (noting that I dislike this term) postmodernist philosophy in particular. So it's worth looking at the historical trend.
Somewhere around the mid-19th century philosophers started coming to the conclusion that 'grand philosophy' — the pursuit of “ultimate questions”, as you put it — was increasingly academic and divorced from the actual human world. This isn't to say that philosophers thought such pursuits were intrinsically bad or wrong, but that they were at best idle attempts at establishing some imagined ideal state of humanity, and at worst counterproductive attempts (to use on overly evocative phrase) to polish a turd. Thinkers of that age could see wars becoming more brutal and destructive; they could see industry destroying land and communities; they could see Colonialism's intrinsic racism and dehumanization; they could see the coarse hypocrisies and dysfunctions of religion and ideology. What use were grand theories of philosophy when such were not applied, used, or even considered anywhere except scholarly works?
This led to the first wave of philosophical rebellion: Nietzsche-ism, existentialism, phenomenology, absurdism, and more obliquely Marxism and Freudianism. All of these in their way reconstituted the philosophical project, setting aside grand universal truth in favor of human truths: seeking out what it is to be human, looking for ways that people can escape and transcend the stultifying and corrupt rules and values transmitted and imposed by society. The general idea (across the board) was that if people could escape from societal constructs they could find a better and more authentic morality within and through themselves.
Then around the mid-20th century, a new generation of thinkers started coming to the conclusion that these new philosophical trends — while not nearly as detached from human life — weren't having the intended effect. Phenomenalism and existentialism were still largely academic pursuits; Marxism had collapsed into the same oppressive nonsense it was ostensibly trying to erase; Freudianism had peaked and faded as a human project, mainly replaced by clinical psychotherapy with its more limited goals… The effort to help individuals transcend social constructs didn't seem to be going anywhere, and so philosophers started digging into the nature of these social constructs.
in other words, philosophers started looking at how things like culture, social systems, group psychology, political organization, even language itself constrain, control, organize, and even constitute individuals. If people aren't able to break free of social constructs, then maybe the trick is to break down social constructs and rebuild them, reorienting individuals as a consequence. This is how we end up with with schools like post-structuralism, critical theory, feminism and cultural-awareness programmes, and all the approaches that try to deconstruct language or social elements to expose (and hopefully redress) structural biases and oppressions.
In sum, philosophy shifted from:
- a (Classical Liberal) conception of humans as empowered individuals
bolstered by society, to…
- a more problematic view of individuals as burdened by corrupt and
anachronistic social constraints that must be overcome, to…
- a somewhat dire view of individuals as intractably enmeshed in
sociolinguistic webs that dictate both identity and social role
'Grand Theory' of the type posited only fits with the first conception, because it demands empowered individuals who can and will enact it. In the latter conceptions, the only type of 'Grand Theory' that's meaningful is one that somehow unlocks the cage that society and language place us in; we won't get back to the first type until until we can step into true humanness.