I don't think anyone expects those kinds of films.
But when we get other quality blockbusters, like most of the MCU movies, the Nolan movies, X-Men (First Class for me, but...), LOTR, among plenty of other scifi/fantasy films.... There really is no excuse for poor characters and storytelling, which is why I no longer bother go to Bay movies. I can get the whole package with other franchises that have just as much awesome action but also have compelling characters and better told stories.
Expecting a quality blockbuster is not expecting something like Citizen Kane - I see people use those a lot in defense of Bay's films, but those comparisons don't work.
When I say that I mean I'm not expecting omg this is the best ever. I go in expecting some issues but I also expect a decent enough story, characters, and some badass fight scenes. I've gotten that with all the films. I realize there are plenty that don't but there are plenty that do, which is why these keep making a ton of money. I've liked the Transformers since I was a kid and I don't feel like they have really did anything bad to the series. It doesn't change how I feel about the cartoons. Besides the cartoons are where they killed Prime and that is totally unforgivable as far as these things go.