There is a genre of literature that aims to raise the reader’s spirits – feel good. I have not consciously read any, but I am acquainted with a Norwegian writer of this genre. Her books sell well and have been translated into several languages.
Many writers don’t pitch their stories at a particular readership relying on the power of the narrative and the depiction of the characters to sustain the reader’s interest.
Mills and Boon are well known for romantic fiction that has a feel good aspect to it. The fact that it’s formulaic does not put its devoted readers off.
So does it matter if some people like reading lightweight material? Personally I don’t mind. As long as people are reading for pleasure, it’s horses for courses as far as I’m concerned.