I'm not sure that it's 100% bullshit. There's a reason that three of the longest running and most successful live service games are run by Valve (Counter Strike, Team Fortress, and DotA 2). I play a lot of DotA myself, and there is value in a competetive game that keeps changing and evolving to stay interesting and new. I don't play it, but Fortnite's success is bluntly obvious.
The issue is less about live service as a business model, and more about live service as a
game design goal. I think most people would agree that designing a game with long-term monetization as your primary design goal is likely to fail. I think that creating good games first, and then transitioning them to a long term sustainability model
after release may be a better long term goal.
It's the same problem in the movie industry... they started out making one-off movies, then sequalizing the good ones (usually... let's ignore
Back to the Future).
The Matrix is a good example. But then
The Avengers live-serviced their sequals and spinoffs, and a bunch of other studios tried to make movies that had sequals built-in to the script. Instead of telling the story they wanted to tell, they told
some of the story and tried to sell the resolution in a sequal. The end result was just an unsatisfying movie that didn't do well.
Ancient