I think you're applying standards somewhat willy-nilly. A story just needs to be entertaining. All this other stuff you're describing is interesting, but not really necessary.
If BioWare wants to make masterpieces or anything close to them and continue to generally be considered a company with a strong focus on good writing, it's absolutely necessary.
There are plenty of developers of both video games and other mediums that don't bother with this sort of thing and make mediocre stories at best because of it. Does the world really need one more of them? And one less company that tries to understand and implement these fundamentals?