@Conrad_Max Lore can give soul, some depth and personality to the characters, same what the chatting and interactive voice lines are doing. Of course it is not essential, but can give the game some plus flavour and maybe can attract new players.
I am speaking for myself, but sometimes the only thing that keeps me at the game and the community are the characters and the lore potential. I love interesting designs, world settings, stories and fantasy novels. And looking at how poorly EM deals with it can bother me. I didn't need a whole story, including every single character, where everyone is connected to the others, just some independent backstories connection 2-4 characters. But EM chose the other way, with a big story. I said okay, this still can be good... but it isn't.
Again, it has no effect on the gameplay, it gives nothing and takes nothing... but if they do something, they should put some effort into that, because they are basicly doing nothing with the lore. And this can really displease the people who cares about the lore.