Exposition != story.

A good story can be (and usually is) told with minimal exposition. AAA games being exposition-fests is a result of game executives and writers infantilising players in the name of “widest audience appeal”.

This is not a good argument for unnecessary exposition though, this is just an argument for shorter, bite-sized narratives, or even what some games already do (like The Witcher 3) where they recap where you are in the loading screen. If anything, unnecessary exposition just wastes what little time you have to play, or forces you to skip the dialogue entirely.