I think we're forgetting something. This is a game, not a movie, not an interactive story. Combat is a part of it and if you want ot skip it maybe you should consider other things (there are interactive novels out there for example, without the QTEs of Telltale games).
And before you jump no, I'm not against this idea. I'm against the idea of making combat so easy it becomes a chore (like the examples given of enemies having 1hp and you being basically unkillable) or to have the option to skip it. Fights that require different mechanics keep the game a game. Sure it may be heavy on the story but that is just part of it. Let me put an example. Let's say you're playing DnD and you get ambushed, and it's an easy encounter. Narrative mode would have just all the PCs roll one dice and no matter the outcome they win. In that case you're not playing DnD, what they want is to roleplay in a DnD setting.
Take the high dragons, corypheus, deep roads golem fights. If you play them on easy and just pay enough attention there's not much of a challenge to beat them aside from figuring out their mechanics, and that's my point. Easy mode asks you to figure those out, as if they were a puzzle, but they put no pressure on you. It's not like if you commit a mistake while trying to figure them out you will fail and die like in the hardcore difficulties. In my opinion easy mode should make it so the fights feel more like puzzles, specially with the involvement of strategic combat.
I don't think a narrative mode when all you do is press a button several times or let it play out to win is a good idea, you're basically breaking a core aspect of the game. And being honest I think tweeking easy mode to hit that level of puzzlyness I've talked about with the tactical pause should be really easy.
Edit: the short version. I'd prefer is easy mode was something in which you had to solve the puzzle each fight presents (specially since it's not procedurally generated) with the certainty that unless you screw up bad, you're not going to die. That is easy, and keeps you invested in what you're doing, it's interactive, in other words, a game. (alas, once you solve that puzzle the fight shouldn't take much longer to beat, just mentioning this because while I think it's obvious, it may not be).