I will just agree to disagree on that front. Playing casually, I clocked over 100 hours on the 2nd game, which is more time than it took me to complete the original full game on PS1. I enjoyed basically every minute of time played (save for one particular mini-game that I didn't care for), so I'd say I got a good value out of it for the cost. It is also hard to say that it is a cash grab when it provides a much fuller experience than most AAA games these days seem to have.
Basically, I don't hate it any more than I hate the fact that The Lord of the Rings is three separate movies; it's not like The Hobbit.