At current iteration LFR is nothing but an improvement for the game IMO. Everyone who wants to play on a high level, have no reason to visit LFR. LFR is very easy to implement, as it's the same raid with nerfed numbers, so it takes very little resources for development. And apparently there are enough people who want to experience game in a story mode, so they get that content.

There was time when LFR was boring, yet necessary for hardcore players, but that's just bad game tuning, not failure of LFR mode itself.