Realistically speaking, if they actually made a story mode of Coil, people will play it and then realize the story in it totally sucks and complain about it, so they might as well not bother. Almost invariably the lore in a raid instance redefines how low you can set the bar for lore in a MMORPG, which is set pretty low to begin with. You really should just fire up Youtube and then you'll quickly realize you're not missing anything.
That said I don't fault people for believing in hope.