SF has rarely had a working tournament. SF2 was the last time the tournament ended in a decent way. I'd say 3, but Gill was all over the place.
SF has always been campy. That's literally the tone of the entire series. It doesn't need to be serious. I needs to flesh out its characters, but in two hours, you aren't going to get much time for that.
And besides Necaili, most characters got respect. Karin, Rashid, FANG, Juri, Vega, etc all got good showing. The only ones who got dumped on were Necaili, Chun, and maybe Cammy in terms of fights, but at least they expanded their stories. Shit, even Birdie got development. Sim became important as well, which he should be.
Capcom hasn't made a straight tournament story in a long time. SF3 was kind of that, but it was all over the place and only a few fights got documented. What you want is NRS on Capcom, which is not the style they are going for lol