Not but seriously, graphics, ambitious and deep storylines, and huge overworlds do makes games better.
And here's the problem: they can make some games better, but often they don't. Still, most devs think it's necessary to strive towards these ideals, to ensure a good game.
For me, the only time I want to use my imagination for a medium(as in the singular of media) is reading, and I do a lot of reading. There are some movies (like Havoc with Anne Hathaway, the short film Sleeping Dogs Lie, and the 1976 Moving Violation) where I do enjoy them leaving the ending open for personal imagination to fill in the blank, but 9.9 times out of 10, I want everything, especially the visuals, shoved down my throat.
Then we differ in opinion. Again for me, if you did a remake of say LttP or SMW with updated graphics, I don't understand how the games would be more fun. The visuals were good enough that you didn't have to think about them; you were allowed to simply enjoy the game.
I don't understand how anyone who plays videogames doesn't like a good story. Even fighting games have a story to them, even if it's simply a fighting tournament drawing together the world's best fighters, some of whom have a history with each other.
I like good stories, I just don't find them in video games! And what you described is what I'd consider a premise. This I'm fine with, if it gives enough context for the game to make sense. Anything extra usually just interrupts the actual gameplay.
And big worlds usually mean more gameplay, so I don't see anything wrong with that.
Big worlds usually mean a lot of empty space. If you can give me a big world with lots of things for me to do, that's great. But often devs get overly ambitious and we get a large, "thin" world.
I do understand that these elements are not what make a game good, but they do make a good (or even mediocre) game better. There were a lot of crappy and lazily made games on both the NES and SNES, so neither are these elements what break a game. The core elements, as you mentioned are the rules and action, like cake, and the story, graphics, and overworld, are the ice cream filling, with those little balls of chocolate, and the icing on the outside, respectively, that make the cake even better.
If the cake tastes good, then go ahead and decorate. Just keep in mind that at some point I'll stop caring about what "technique" you used to apply the icing.