Well, many quantitative players(the ones rely on LI and KP proofs) will disagree on what i am saying but, this is my opinion and my personal experience of "what is wrong" with the state of Raid in GW2;
In first place, i want to make 2 clear statements on "what is wrong?":
Issues that i experience in most raid runs :
Number 1 - Many players that has 100+ LI or 100+ KP has no clue on how the mechanics of a certain boss works... Even if they know some mechanics, they are rather aware of taking role on it or be silent despite the fact that the mechanic itself should be executed by their class...
Number 2 - Too many liars with generated LI and KP codes. You see the fact that they have no any clue on how the boss mechanic works, it is a face-palm and waste of time situation for other players in the raid.
Number 3 - I can't use LI and KPs as they are supposed to be used. Because i believe that if i use them i will not have what to prove for raid leaders...
Raid should be more skill based rather than quantity based raids. People can exploit this by buying KPs from in game sellers that are located in Raid finder and pretend like they have more experience than the many other skilled players who actually executed mechanic, killed the boss and enjoyed every bit of raid journey.
ArenaNet should come with a unique approach on how to fix this problems or i call them "fair glitches" that ruin the raiding experience in terms of raid quality and joy.