As a world event, it is content that is more about higher-level organization and less about individual skill. You can join one of the EG Teq kills at 10 EST, refuse to get on our Teamspeak, range him like a moron, die repeatedly, and proceed to get carried the entire fight and call it a "formulaic zerg fest." Testing the individual is not the purpose of Tequatl/Wurm. That's the purpose of content like Liadri.
And for what it is designed to do---demanding higher level organization---I think Tequatl does that quite well. And I think it's appropriately challenging given the fact that there is a very short list of guilds outside of TTS that actually kill Tequatl on a regular basis. Since the megaserver was implemented, this is so much more obvious.
Whether or not it simply replaces a Berserker meta with a Soldier meta is not really my concern. At least it makes all eight classes feel appropriately meaningful, and allows classes like ranger and necromancer the opportunity to showcase their strengths in ways differently from most everything else in PvE.
I think people get away with shit-talking Tequatl like it's some mindless content precisely because the game allows them to latch onto organized kills and contribute nothing at all. So because they didn't need to contribute to succeed, they think these kills require zero contributions at all to be successful.
I feel if Tequatl was closed-doors content like WoW raiding, where you couldn't just latch onto TTS kills to get your loot, players would have a different tune about it. But because they can, they're allowed to make a mockery of it and think they have the credibility to do so.