I love how you put that, suckered in... yes, video games are a waste of time and we shouldn't be suckered in by any of it, let's all talk about more important issues... TO KAVAR'S EVERYONE!! *leads the way*
lol, I kid.
You're right, for the long term folks want to enjoy endgame pve, roleplaying, and also the pvp aspect of the game and these elements of the games which are being updated and refined with each update... however there are quite a lot of people who can't wait for the story updates as well. We've already gotten confirmation that there's going to be a major story update coming to the game later this year which will feature new class quests and such.
The story of TOR alone won't be what gets people in, but it adds another layer for people to enjoy about the game. Some players ignore story altogether and focus on pvp, I like the story and endgame pve content, others are hardcore roleplayers... having that story element isn't the be all and end all feature of TOR, but it adds to it and there are plenty of people who play TOR for different reasons.