I haven’t been able to look at it the same since I’ve replayed it back a few years ago as well.
Much of the problem is after you leave Midgar when pretty much nothing happens in regards to the main storyline until the Temple of the Ancients. Everything in between is pure character building in the most formulaic way possible. Go to [new town], encounter [some problem], solve [some problem] with [character] forced into [your party], resolve [past issues] haunting [character], return [character] to [beanchwarmer role], go to [new town]. The only characters this doesn’t apply to are Tifa (who rides Cloud’s character development coattails), Aerith (the only character besides Cloud and Sephy who’s central to the plot), and Cait Sith/Vincent (who get absolutely nothing).
Then there’s the second disk which is entirely centered around locating Cloud and fixing him up via Cosmosphere dive, The Hunt for Huge Materia (starring Sean Connery as Cid, captain of the submarine ‘Huge Materia’…and every other vehicle on the planet), and Storming the [STRIKE]Castle[/STRIKE] Corporate Headquarters. Oh and breeding those fucking Chocobo.
The tl;dr is that the game is structured similarly with FFs V & VI in terms of pacing (you can see it in “first disk=first two worlds/world of balance:meteor’s summoning=fused world/world of ruin”) but tried to tell a far more ambitious story but with far less to work with (built new resource hogging technology but designed in the same old sprite mentality).
It’s basically the same case that the Golden Sun games are under. For a lot of people this was their first or second RPG and they really haven’t revisited it since. Really, the only thing most people remembered or cared about FFVII was Sephy shanking that skank Aerith with his long hard sword, and maybe the music.