Perhaps we should petition to rename the game from Elite: Dangerous to Elite: Potential
There is certainly far more Potential than Dangerous around....
As a counterpoint I feel the game is growing into it's potential with each new release.
Personally I like the idea that "if everyone is given a princess to rescue then princesses are not rare enough to be valuable"
[video=youtube_share;gDh9G1gDgMU]https://youtu.be/gDh9G1gDgMU?t=8m30s[/video]
Now to the OP's point of story in a game should be lived not read, I agree with that, however the tools of the game haven't been there to really show the story (which may change with Holo-Me giving face and personality to the world).
After 2 years of playing the game, I have ranked up my explorer and trader ranks and barely have a pip on combat, 'cause I'm not here for the pew pew. The "story" that has resonated with me have been the community goals and actively supporting efforts I agree with (rescuing escape pods to bringing materials to build stations that I will later see in the game).
The most engaged I've ever felt to the "world" of Elite was running out of the gas as a noob in a Sidewinder being rescued by a Fuel Rat in a Diamondback. The terror I felt in VR of having my oxygen running out as I waited for a Rat to jump in and save my was perhaps my most immersive experience in VR yet.
So for me the story I have most engaged with has been the user-generated content, like the Fuel Rats and Community Goals,
...but to the OP's point, reading text in VR is downright eye-strainingly painful, so I haven't engaged with any of the Galnet driven causes etc and perhaps when we can see and experience that story more I will engage with it more. But there is real color developing in the player community and that is what makes this a rich playable game for me.