Each to their own.
Yes, the game "lacks a story" (which is a silly argument, there is a story, but it's not presented in the same way jRPGs traditionally do story - which I love for a change), but seems to make up for it by a well-crafted world that is made for people who just want to go about exploring. If that doesn't float your boat, fine. But I find the negativity surrounding the game to be unjust, MLSI wanted to go for something different this time and everything I hear makes it sound like this is a RPG made for me.
Also, speaking from my personal experience with Monolith's games (of which I've played almost all save for Xenogears and the third Xenosaga) is that this particular team excels at crafting unique, interesting universes but has trouble executing an in-depth "story" without being hampered by the sheer necessity of complex exposition those universes require. Dialing back a bit with the idea of a "traditional narrative" and focusing on building a world and letting you explore it may play more to the strenghts of this particular studio than trying to go for a complex, high-brow "story" in the sense most people think of it.