Be weary. The following actually contains no spoilers, but is still sensitive information. I'd advise you to read the post if you're disgruntled with the story, but if you're finished and happy with the base story you can read it too.

I think I understand the story and why it is the way it is.

You (obviously) play from the perspective of your Guardian. That's the perspective and narrative style of the story. Your Guardian has been dead for, y'know, centuries. At least 500 years, wasn't it? More? They're out of the loop. They really know only two things.

1. Jack

2. Shit

All they actually know is that magic revived them, there's a city that worships a big floating ball, and they've been forced into some deep shit.

So, playing the part of an almost clueless long dead individual from a limited first person narrative stand point, I heavily think you're supposed to be very out of the loop. Though this game is meant to be social (chat NEEDS to be fixed), the narrative design is clearly that of a single player type of game. I think if it were otherwise, cutscenes would feature fireteam members, but it's just you.

Even the off-game Grimoire cards are not an unearned exposition dump. They may be a dump if you read them all at once, but if you use a companion app and read a card as you earn it, it's very bite size. While the Grimoire sheds a good deal more light on the lore, it's still from a limited first person perspective for the most part. You have to earn these cards, be it by merely setting foot somewhere, or by a gruesome and painful skin of your teeth victory over a 50 foot tall Vex. Even the cards about the story are mostly quotes to your character.

Lastly, as mostly an anecdote though worth to mention; facial expressions. In the few cutscenes we get, our character has a very apprehensive and almost confused face, especially when talking to The Speaker or going to The Reef (My Awoken look scared and I just wanted to hug her but then I realize I'm my own character so I just killed more shit. :D. )

So now. It is my firm belief Destiny has a huge world of lore, and we've just only scraped the surface by finishing the base game story modes. There will be more pure story modes, perhaps in expansions, perhaps in free updates. They could even simply not be visible right now.

But. We're going to have to do it ourselves, and no doubt we'll be left with more questions than answers again, because this is a first person limited narrative.)

It reminds me of Marathon in a way. Marathon was almost as first person limited as you can get, story only really revealed through terminals. Though truly not as elaborate as later games, for that time period Marathon's story was way better than other FPSs at that time. Doom only had a paragraph after every...chapter? You maybe only get four paragraphs in the game explaining what was happening. Marathon? You could spend half your time in the level reading the terminals if you weren't a terribly quick reader.

And classic Bungie fans will see this connection and appreciate it. There was no narrator holding your hand and telling you what to think in Marathon, and there's no narrator doing that in Destiny. YOU are your own narrator. You could even call the Grimoire your own super terminal.