After spending dozens of hours playing Bloodborne and beyond that reading wikis, guides, lore threads here and on Reddit, my final call is that the Bloodborne story is hopelessly obscure. From's ambient storytelling is fantastic and Bloodborne is no exception. The bits and pieces of the narrative delivered via item descriptions, when and where things are found in the game, or through snippets of incidental dialog, are all compelling and well crafted.
But what the fuck is going on?
Demon's Souls and Dark Souls both have ambient storytelling. Both games are filled with mysteries that the player is allowed to solve. That's all terrific. I'm far more engaged by hints and riddles than having everything laid bare through cutscene after cutscene. But both of those games do something that Bloodborne does not, and I think the former succeed while the latter fails.
Both Souls games explain the basic premise in the attract mode cutscene. Boletaria is overrun with demons, and the King is missing. Adventurers are braving the mist to discover what happened, find the King, and stop the demon invasion. Gwyn is the Lord of Cinder. He stokes the first flame which is crucial to civilization. The flame dwindles, so Gwyn went to rekindle it. He failed, and disappeared to boot. Men are turning into monsters. Find Gwyn, and kindle the flame.
Then Bloodborne. You have some disease. Yarhnam is where diseases are cured through blood ministration. Presumably the disease afflicting me is cured in the opening cutscene. Now I'm in a world of monsters, and instead of dying I go to the Hunter's Dream. What? Why is there a hunter's dream. What is the goal? According to the some text written on the floor of the dream (lol,) ending the dream is the goal. OK. After killing a monster that's apparently guarding a baby who lives in someone else's dream (what,) the Hunter's Dream can end. Or you can fight a monster who lives in the moon.
I know there are books worth of lore guides for Bloodborne, and some of the ambient storytelling is very immersive. But the Souls games have complicated lore with clear goals. Bloodborne has complicated lore but the goal is not well established. When the story ends, I felt very little sense of satisfaction. Everything is too obscure. I hope Form dials back the mysterious narrative just a bit for Dark Souls 3.
The thing about Bloodborne lore is that not one NPC really knows the eldritch truth. It is a direct allusion to Lovecraftian that the Old Ones are truly incomprehensible and people grows mad and find their own "truths" in trying to comprehend the Old Ones' wills.
This is why the lore in BB is all over the place. Every NPC/Faction you meet has their own "interpretation" to the story and it cannot be traced to a single truth. From the Powder Kegs to the League, they have formed their base idealogy in reflection to what they can only comprehend. In a sense, we the player characters have to also create our own "truth" at the end as a form of coping to the madness brought upon by the Old Ones.