Every entry in the series being a new story was once novel, but in the long run, it's a high risk, moderate reward scenario, as it turns out.
Looking at Elden Ring, it's a larger Dark Souls clone with new gameplay mechanics and refinements. Fromsoft has been making basically the same game, conceptually, since 2009.
At the macro level story doesn't really matter for video games, it's nice to have but rarely impacts overall popularity. What does impact popularity is gameplay, as in this question "Is The Game Fun To Play". This is where most bad studios screw up, they focus so much on story, graphics, some novel idea or mechanic that they don't spend nearly enough time, effort, energy in making the game enjoyable.
People play games as a form of interactive entertainment, if they wanted to just stand there watching CS's the whole time, they would of rather watched a movie, tv show or anime. Previously SE was really good at making enjoyable games that
also had good stories, so much so that we ended up forgetting about how much fun the game was to play in the first place. Then FFXIII happened, which has a boring game play loop with shiny cutscenes. And every FF game afterwards was a train wreck as it used the same formula of shiny cutscenes + mediocre game play. FFXIV got saved by a new producer summoning a meteor on the servers and time warping everyone to the point after the game got fixed.
FFXVI flopped and flopped so hard people aren't going to just blindly trust Square Enix to have good gameplay anymore. Thing is, they are completely capable of making a RPG game with good gameplay, see Bravely Default or the Mana series, they just keep getting in their own way.