Right, and I do want to clarify that by "story," I didn't necessarily mean "writing" in the prose sense. If the dialogue and art don't support each other (which it hasn't often, in at least twenty years or so), I feel like someone doesn't understand his job.
The format is definitely one part of it. At some point, someone got the idea that comic books could be written like movies, and I think that's where a lot of padding came from. We got the sweeping splash pages that fry a two-page spread to show someone posing with gritted teeth, and we got the series of identical panels to convey time passing, but there's no content, so we skip over them (I love the row of panels of a hand picking something up off a table, as if we couldn't guess how the character came to hold the object). When I sampled the "New 52" books, it was digital-only, and I was reading faster than I could turn the pages, to give an idea of "story density."
But I do think the stories themselves are a big deal, as well, and probably the biggest nail in the coffin. The stories have become more about the world earlier comics have established than about the characters doing interesting things. I remember a JLA comic during the 2000-ish relaunch, where Grant Morrison was interviewed about his latest story, and he explained that he built up the entire thing because...?
"I always wanted to shave the Shaggy Man."
Not, "I wanted to investigate man's inhumanity to man," "it's an adaptation of Moby Dick," or "I wanted to write a fun adventure," all of which would be clichéd, but at least suggests that the story was worth reading or even writing. Instead, nothing in the story (running across several issues, of course) was important, except for the punchline. It was all a set piece, made entirely from "props" the theater company (DC) left around. Do you know who the Shaggy Man is? Do you care? Of course not, and the writer can't be bothered to convince you otherwise.
Hopefully, that's also the way out. Keep "writing for the trade," but tell novel-length stories (real stories, not encyclopedia references) in every six issues, and get the writer and artist communicating beyond "make sure Batman's in the picture." I think the existing fans will stay on-board, and they'll bring other readers in over time.
Well, as long as the creators can stop whining that they're not being "taken seriously as an art form," I mean. Every time I hear something like that, it sounds like a child screaming that he's not trusted to stay out past curfew. Show you're responsible first, even when nobody's watching, and then we recognize it...