Yep, Dungeons aren't meant to be a grind you complete for gear/gold/karma. They're just an artificial challenge, a higher difficulty setting on the game.
It's like the regular game is Normal setting, the story mode dungeons are Hard, and the explorable mode is Elite. Rewards? The reward comes from beating the highest difficulty in the game, nothing more. The armor is cosmetic only, just bragging rights to show you can do it to all around you.
For me, that's enough. I think I wanna try to find a guild that does regular dungeon runs after I finish capping my second character. Give me the challenge. I don't care about PvP or WvWvW, I just want to be able to beat the hardest content in the game, to know it from start to finish and have a team of similar friends that can back me up doing it. I want to own the fights, know the mechanics inside and out, steamroll the best ArenaNet has to offer on a daily basis. That's my idea of fun.
I think I'll build my warrior for this. Fully defensively specced for Toughness, Vitality and Healing, able to toss out a healing shout every 7 seconds whilst maintaining permanent Fury, Swiftness and 11 stacks of Might. Even with fully defensive gearing the buffs will still equal significant increases in damage output (equal to 385 power, 385 condition damage and 423.2 precision worth of gear/traits). I firmly believe in the old saying "Your DPS drops to zero when you're dead."