I don't know how you can really accuse Panda of only having fanservice or no substance yet.

We got more background on Lahabrea and more character work with Erich then is at all normal for a first tier story. Shit. Gaia wasn't even conscious till the second tier of Eden, let alone getting any development.

Frankly the only raid stories I would call straight up bad is Nier, because it makes zero effort to be coherent with XIV's world and maybe Alexander for just not having much charisma or intrigue at all. Everything else ranges from fine to actually fantastic (Coils)