is there a way to generate dummy content for paragraphs?
Paragraphs need a host entity to work normally iirc, so if the paragraph is attached to a node type through a reference field, I've had success creating them with Drupal console's node generator: drupal create:nodes which seems to populate all the fields it can.

Beware though: I've had to drupal create:terms first to generate a few taxonomy terms, or else the node generation takes ages! Your laptop may take off before the process finishes ;)