The story certainly can realistically be praised. It's an emotionally engaging story, wonderfully told with care and attention paid at all times to how it's characters are evolving as it progresses, which continues to resonate with a large audience to this day. It can most definitely be described as an extraordinary achievement.
Would you care to list the plenty of games with much better stories, out of curiosity?
It's all the things you said and yet it is also completely hollow to the point of being meaningless. It is completely entertainment driven and every bit the studio bastardization of Cormac McCarthy it wants to be. Good solid entertaining story that keeps you invested? You bet. So is every Dan Brown novel and their popularity and legions of fans don't elevate them in the slightest. It's only an extraordinary achievement for the spoiler generation, who care for nothing but the plot.
Hmmm, on the spot I can think of IHNMAIMS, Planescape Torment, Silent Hill 2, Her Story, To The Moon, Steins;Gate, Nier, 999/VLR, MGS3, Broken Sword, Riven, Undertale, Mother 3, Riven or Policenauts. All of these completely eclipse TLoU and some are just as shallow! There's bound to be plenty more I can't put my finger on right now and if narrative is a factor that'd make the list even longer (with some overlap)
TLoU has universal appeal and is easy to like. So, much like Shawshank Redemption on IMDB, it gets propelled to the stratosphere of gaming's pantheon mostly due to ignorance. Not that it's bad or great in any way, but merely becaus it is so hard to dislike. Really good, solid game, really solid good film. Not anywhere close to Super Metroid or Stalker levels of greatness (respectively... as in I mean Stalker the film) but not as narrow in their appeal and as such more celebrated.