I thoroughly enjoyed it, albeit as a 3 dollar rental that I was able to platinum before taking it back to Redbox. I really did not follow the development of this game much nor was I hyped for it. Not really my type of game, I thought. I laughed when the reviews and funny YouTube videos came out at release. And then I put 2 and 2 together, having just ordered a PS4 for Bloodborne, I realized this "5 hour game" sounded like a perfect rental. I ended up extremely happy that I played it, and will buy a copy when it gets cheaper. The weapons in the game are so awesome, but that leads to understanding why people hate that they aren't in control of the game more often and able to do more shooting.
I similarly rented The Last of Us when it came out on PS3. Again, it seemed like not my favorite type of game, but it was so hyped up at release, so when I realized Redbox had it for 2 bucks, I got it. I can honestly say I had much more fun with 1886 than I had with TLOU, and they seem to be pretty easily-compared cover/shooter games.
I just realized I honestly forgot to check how much time I spent with 1886. Not sure if PS4 has a counter anywhere to let you know how much time you spend in a game. It certainly seemed like more than 5 hours. And I hardly ever Platinum games because I just don't have the patience for that but when I realized I was only a few away, I fully enjoyed going back through some of the chapters and getting the trophies I needed.
One thing I will say is I kind of didn't enjoy the collectable hunting, it felt distracting to be part of this urgent story and then you'll be following another character but leave them hanging while you go run up some different tunnel because you want to check if there are any photos or documents there. But without that, there would have been even less content in this game, so it is what it is.
If they come out with DLC I will definitely want to experience it and will have to get a copy at that point.
All this said, I understand why people wouldn't have been happy to experience this for $60. I'm not sure, I feel like I wouldn't have been totally upset even if I played it for full price, but it's hard to say. My judgment is clouded by knowing that I very much enjoyed it for a total of 3 bucks.