To the OP's point, I've felt the same way about the episode from time to time. But what would've been interesting is if we saw that Lt. (JG) Picard had a fuller life in a way that Captain Picard didn't. Perhaps, LT (JG) Picard had married (maybe even Beverly), had a family because he was less focused on career advancement. And that gave him another kind of purpose.
That would make quite an interesting episode, to be honest. Though in context of this theme, it wouldn't fit sadly.
The point of the episode isn't about how bad an ordinary, mundane life is. It's about life without taking chances, always fearing conflict and never facing it.
The story isn't about a hatred of an unremarkable life, it's about allowing it to happen because of fear, caution and never taking chances. The rank and position aren't bad, being afraid to be more is - life can change for the better if we take chances.