I guess I never really considered that. I would argue that it is a bad story, told well - but I cannot argue your point.
I do feel ME2 was the weakest game in the trilogy, but I also feel compelled to defend it here. There are two points on which I find the game is ill-understood.
First, the genre and mechanical shock. ME1 was a love letter to '70s/80s sci-fi that put its pulp fiction DNA in the spotlight. You don't get out of the intro cutscene without having that shoved in your face with all the subtlety of a rocket-propelled sledgehammer. ME2 was a love letter to late '80s/'90s action/sci-fi, and was about as subtle about it as ME1 its older sci-fi roots.
And paralleling that, ME1 was a slower-paced third-person shooter/CRPG hybrid (with all the clumsiness, micromanagement, and dogshit game balance of a CRPG) with a more strongly philosophical bent in its dialog. ME2 was a third-person cover shooter with the barest of frameworks to even call it an RPG in the first place, with a dialog focused more on which flavor of action hero one-liners you prefer Shepard to say. I'm not knocking either, both games' mechanics fit the themes they wanted.
Second, for better or worse, ME2 is The Dirty Dozen in space. It's no wonder the game is nothing but recruitment, loyalty, and Collector missions; the game is specifically about building a team to R&D up countermeasures against the Collectors, locating their base, and assaulting it. That means it's the most character-driven game in the trilogy, and the narrative and thematic framework is built upon the companion NPC's, their interactions, and what Shepard (and by extension, the player) think of them.
Was it pitch-perfect? of course not. If anything, BW pulled too many punches and played companion interactions too conservatively for a game that had such supposed high stakes.
I don't even find the "it was a 2010 game, BW didn't have the resources/time/whatever to program dynamic companion interactions" argument compelling; BW managed it just fine in DA:O, which released the year before ME2. And, DA:O was a game in which companions would go so far as to leave, refuse to participate in quests, or outright betray the party at select points if players made certain choices.