Yep. You can also bump immersion with simple generic cutscenes and better view of the game while you're not playing ( if they don't remove at all the watch game option ). For example, both NBA 2K and NHL have great cameras from the bench. And you can skip between bench camera and the default ones. In The Show it seems like you're watching the game from "deck".
So i'm with you. It's an rpg mode which needs more stats and immersion/atmosphere features to represent your life in the clubhouse. Not a classic story, but a better way to create your own story which is, like you said, streaks, slumps, injuries, records, etc... .