There's a clear narrative on Cherry Bomb, it just isn't portrayed linearly like Tyler's other albums. Throughout the album, several times the girl from Fucking Young is brought up (the end of 2SEATER, the entirety of Okaga, CA and Yellow), Tyler consistently expresses that he has learned to defy people's expectations and wants other people to do the same, etc.
Happiness is as complex an emotion as depression. Additionally, Tyler also expresses frustration (in Fucking Young), anger (in Run and Special), and attraction (in Blow My Load). It isn't the responsibility of an artist to make music for people to relate to, but to make music that people enjoy. It's clear that Cherry Bomb is going for that.
First, source? Next, mastering =/= production. The production of Cherry Bomb is very beautiful at several times, calling back to parts of Wolf like the ending of IFHY, but the mastering is lackluster. Why do you bring up the message of a song in a point about the production? 2Seater and Blow My Load both are very lyrically similar to some things from Bastard and Goblin (like VCR and Analog), you probably just view them as "lazy" because they don't deal with depression. The 2nd half of Blow My Load is different in the CD and the iTunes version, so I don't know what to say there. Run and Special both thematically tie into the album, in fact you yourself even say that the album deals with narcissism a lot, both of those songs exemplify it.
I think that Cherry Bomb has one of the most interesting and weirdly told story of all of Tyler's previous albums. Wolf is a straight-forward story that's usually told in skits or through small themes mentioned in songs, as opposed to being a full blown concept album. Cherry Bomb operates similarly. Pieces of the story are revealed slowly in the beginning as exposition and in the second half a sort of narrative emerges, with Tyler thinking of a girl, then meeting up with her and driving to the theatre (where he's mocked by his "friends") and is eventually kicked out (which, non-linearly, is actually what Deathcamp is about).
There's nothing wrong with arrogance, especially when Tyler just released his supposed best album. He's definitely earned the pretension to be arrogant. A story doesn't have to be relatable, just interesting.
The album's focused, it has good lyrics that resemble Goblin and Bastard more than Wolf, and the production is some of his best in how it really flourishes and is significantly more layered as opposed to the clunky synth based work on Wolf and Goblin. I think it's way more beautiful.