I was shocked to agree with all of your points. by themselves.
As right as you are however, Phantom Menace doesn't exist in a vacuum. (even if half of its action scenes do)
As a followup to the film series that brought Sci-Fi to the realm of legitimacy and attracted an entire generation of film artists to their true calling, Phantom Menace was in a (completely unfair but still completely true) position where it had to wow. It had to be what the community had come to expect. It had to be made of the same magic. But it wasn't. And while it was only a mediocre film, due to its position in the culture of the world, being pretty good but not great indeed made it, beyond any shadow of a doubt, the most disappointing thing since my son.
To live with it, I've simply written Star Wars off. It's for others now. The magic is never coming back. The last time I was excited for Star Wars was at the beginning of a trailer for The Old Republic, but it died all at once when some guy started fighting with three lightsabers. At that moment I realized that what I loved about the series wasn't in it or in me any longer. The mysticism had been replaced with flash and the high thoughts replaced with one liners. The entire mythos is either corrupted or was never really what I thought it was. I don't know which, but they're both awful options. So, goodbye. No more dreams about a galaxy far far away.
TL;DR It was never going to be just another movie to be judged on its own merits. It was supposed to be a grand homecoming. It wasn't. That is the failure. But either way, even if I'm wrong about that, it's time for us to move on. Star wars isn't for us anymore. That's all there is to it.