For me, having a pretty world (Skyrim) is not enough to keep me hooked.
I couldn't care less that I could spend 100 hours just looking for things; looking for things is arbitrary, looking for things is just a fetch quest.
What is important to me is that the world has a weight to it, is believable, one that makes me feel like being this character is something "true."
In a world like Skyrim, that claims Khajiit aren't allowed in cities or towns (even if they just mean Khajiit merchants) but just let me stroll on by, having never seen me before, shows me the environment is lacking weight and is not believable.
They don't even stop to ask me who I am or what I am doing, even though I am a race that, in lore, is notorious for theft, smuggling, etc.
In a world like Skyrim, in Windhelm, that seems anti- or at least disliking of, Dark Elves, they barely treat a Dark Elf (mine) differently. I walk into the Inn, ask for a room and the Innkeeper says "great... another Dark Elf, just what we need" in a sarcastic tone but then happily only charges me 10 gold (like everywhere else in the world) means the atmosphere the game has provided is useless.
In a world like Skyrim where I can make Heavy Armor effing weightless, thus negating one of its biggest weaknesses, then the choice between Light Armor and Heavy Armor is meaningless in the first place.
If Skyrim was 100% exploration, no combat, no people, nothing, then the weight of the world would hook me because the weight would come from the expansive landscape alone.
While I agree with what you say, I think you're taking a game too seriously. It is a game, not a simulator. No game will ever be perfect
Bethesda have put an absolutely huge amount of content and work into skyrim, and you just have to let some things go that you would expect to be included. So what if there's sometimes no consequence to an action or a khajit lets you pass by, there's enough good things in the game where you should be able to overlook it's flaws. I also questioned certain things in the game where certain NPC's should haven't let me do something because of skyrim lore. But there were plenty of other circumstances I encountered in the game which gave weight and believability. They made a game and spent years on it, and did an amazing job. It's impossible to get everything right unless they spend another 6 years and a bucketload more money on the product, and even then, people still wouldn't suspend their disbelief and would still find the imperfections.