Solid point, but you have to remember it's a fighting game. A complex story would be badly done in any way because it'd be tons of chatter followed by fight sequences. No matter what they do, it has to lead to the fights, so a deep story would be very difficult to pull off. Look at BlazBlue, Mortal Kombat, Street Fighter, and Soul Calibur. Win tournament. Avenge someone. Acquire powerful weapons.
A few new settings would be welcome, yes. I personally like how DoA doesn't overstep boundaries and sticks to smooth gameplay. Counter moves, throwing people into new areas, and chaining combos just seems more satisfying in DoA for some reason.
Meh, listen to me blab on based on my own opinions though. It's fair to want to pass on this game and your points are valid.