It's compelling because it's fun to play. I played half of the campaign solo and was having fun with the gunplay, atmosphere, set pieces. Nobody complains about Zelda games having a silent protagonist, I don't see how that should matter unless you expect a game with a strong narrative or character presence.
It's a game about shooting things, in space, why so serious?
Not saying you can't have this opinion, I just think it is a bit bizarre to judge Destiny on having a silly/un-fleshed out story. Or at least to focus on that point.
You're acting like the only complaint about the game is its story. I wouldn't care how stupid the story is if the mission design, enemy design, and boss design were interesting. But they're not, only in the raid does it change up its formula.
The mission design is just putting down your ghost before or after fighting waves of enemies in a confined area. There's only one noteworthy set piece: the Sword of Croata, which lasts all of 5 minutes.
The enemy design basically has a bunch of cannon fodder enemies that support bullet-***** enemies like captains, minotaurs, and the others. The bullet sponge enemies just wander out in the open shooting their guns at you, while the cannon fodder goes down like a bag of bricks once you go to their cover. Nothing interesting here.
Boss design. Where do I even start? Every single boss in this game uses a reskinned resized model of a smaller enemy(maybe it's different in the strike, I dunno) with a high damage AOE attack. This is incredibly lazy. Definance had more interesting bosses, and it had similar goals. For example: the final boss of Definance's storyline was an agile teleporter with magic, that could cast illusions. If you didn't figure out which one was the real one out of them in time, you'd get hit by a massive damage attack. It was not a bullet sponge copy and paste of a smaller enemy.
Now, I know how you said earlier that you have yet to finish the game, so I can understand how you would miss these design decisions.