Nicely put! I think the main problem with the macho protagonist is in games that actually take themselves seriously. Think Tommy Vercetti from GTA:VC. He's abut as macho as anyone who can't swim can get, yet I don't find him pathetic, mainly because the whole game is just so damn hilarious.
Looking back at my time playing Halo3 (last week, out of boredom, and so that RDR would seem even better by comparison), Master Chief comes across as a) fucking stupid, b) having a tendency for stating the obvious, c) incapable of social interaction aside from a creepy fascination with a hologram and the admiration of those annoying sycophant soldiers, d) did I mention fucking stupid? I suppose I can understand why games with macho protagonists are so popular, after all the socially inept, overweight, hideous parental basement dwelling gamer that (stereotypically) enjoys them can fantasize about how awesome his life would be if only he could flip tanks and utter badass (sarcasm, obviously) one liners.
If humanity is really too much to ask for in a protagonist, could we just play as robots? The Terminator is just a step below your average macho protagonist in terms of relatability imho