I don't really think it's a case of people overanalysing the story. The game bends over backwards to highlight how story focused it happens to be and locks the bulk of content behind the MSQ's.
I don't think it being an MMO holds it back either. TESO manages to have a lot more focus on worldbuilding, has ten playable races with distinct lore and also manages to give plenty of material for the likes of the Reachmen and Maormer as well.
Personally I'd like more focus on consistent worldbuilding and characters behaving in a way that makes sense for their circumstances and perspective rather than being artificially fine with whatever happens. I don't care much for 'rule of cool' where everything is flash and no substance. That's precisely why I stopped playing World of Warcraft - but even then, I'll concede that at least the stakes felt high in that setting.
I want more in the way of fanservice for the stuff I like instead of the game using Twitter to promote a minion saying 'THIS IS THANCRED' or a bunch of lopporits shaking their behinds on a stage that looks straight out of a modern day concert. Certainly, neither of those things were what would grip me back in the days of ARR when I first started playing FFXIV.