Honestly, when you say
are these distributions doing anything beyond repackaging the latest software?
— I have to wonder what you think is so trivial about keeping your system current with latest bug fixes and security updates?
I don't need or want a distro to radically reinvent itself with every release. I had enough of that fuckery with Windows, way back when — incidentally, also a direct reason I quit that OS. And seeing "big changes" like Ubuntu deciding to functionally deprecate deb packages is... unappealing to me as well.
There are probably sexier updates going on in DEs, but (insofar as a distro isn't wedded to one particular desktop environment) I'm fine to let them hog that glamour.