I think the main issue is the time-sink sea of thieves can be and the (surprisingly) brutal mantra of win or lose when it comes to PvP. The majority of games give a player who has lost something often in the form of experience points or some sort of progress; Sea of Thieves doesn't. If you lose your loot you've essentially wasted your time and that can be 2-3 hours worth of playtime. This can be especially frustrating if it's a timed event and/or you have a busy life and you can only spend three hours a week to play a game.
I believe I'm in the small minority of players who want more depth when it comes to the game, deeper combat, more mobs, more weapons, a deeper company structure beyond just being an emissary, multiple loadouts, heck even classes that act differently to one another (which would also mean multiple pirates per account).
If anything I think tall tales should be instanced, the PvP aspect of the game really gets in the way of trying to tell any kind of story when OGKEGSTER69* comes out of nowhere and just starts sinking your empty boat because you wanted to sit and listen to a npc now drowned out by the cannon fire.
*Not a real name... I think.