Correct translation, wrong context.
The lack of flavour text is most likely a decision by Microsoft or SEGA themselves to save money. In the translation/interpretation industry, you are paid per word that you translate, and the flavour text would make up a VAST majority of that cost considering how many different items there are in PSO2. The translation team would have done it, if they were paid to do so.
While I would like the flavour text to be translated, I also think you're making a mountain out of a molehill. Like 99% of video game players do not give a rat's ass about flavour text; consider how even story dialogue and tutorial text is skipped by a non-trivial amount of people.
All spoken text is absolutely perfect and the dub itself is very high effort. Microsoft/SEGA clearly went all out here, and perhaps this is where the funding was taken away from flavour text. There's some transcription issues ("gods be operative" being the most classic example), but nothing really sounds strange or out of place.
There's this really stupid circlejerk from "JP Veterans" about the localisation of NA PSO2, when really, it is mostly completely suitable and most people are not going to notice these "issues". It's really just a case of people wanting to point and go "haha, NA PSO2 bad".
It's not correct translation. It clearly shows it isn't correct translation. I can't believe there are people like this who think it in their minds that flavorful texts should not be in an mmorpg game, as if like they are in complete fan boy denial going on.
"It isnt bad as it seems to be" I am gonna say either you are a troll, or haven't played enough to notice it, or massively denial fanboy.
It isn't just flavorful text. It also has mistranslation in some quest dialogues, some wrong character/item name mistranslation for players to get confused from and grammatical errors. For a NA region game, that is no excuse to have these errors. Its been 2-3 months to fix them since they were reported, and they were not corrected yet.
The more you write about claiming it is MS and Sega's decision to not spend money for more translation it required and deserved makes it more convincing and proving that this game is half arsed for NA fans who anticipated for 8 years, and 1 year for them to get this right.
It isn't circlejerking. People do care about flavorful text like you said. People enjoy reading quest logs. People who don't care like yourself, sounds like you don't care about the game more than people who complain to care to have this game improved and what it really deserves, a fully translated game.
But no, you only care about what is now. And your comfort zone of enjoyment skipping everything and just killing stuffs since nothing matter to you. You do you, my friend. While people who expressed their opinions about their dislike of current translations will keep expressing that the developers will fix this. Properly.