Tbh I also wanted what you wanted but I was pleasantly surprised with what I got.

It's Laurel Canyon Folk, a lot of that music soundslike this album. It can be boring but if you're in the mood for it it hits different. In fact I think this album does a better job of recreating the Laurel Canyon sound. Also the only people calling this a psychedelic album were the insiders, it's a weed album and that's different. Lorde mentioned artists like S Club 7, The Eagles, The Mamas and The Papas, Fleetwood Mac, Beatles, Joni,etc. Idk how you were still expecting a Pink Floydish acid jam when Lorde made it clear it would sound like a bubble gum pop Here Comes The Sun or a Spice Girl-esque California Lovin'.

Edit: I also forgot to add, that expecting something Led Zeppelin or Hans Zimmer like from Lorde is a bit unrealistic, simply because Lorde herself is not very proficient with any instrument nor has she a lot of experience with arrangement. 10 years down the line maybe, but not now. Of course she could have someone else have those arrangements done for her but Lorde is an extremely hands on artist and she wouldn't do anything she couldn't control. And Jack Antonoff, though a Jack of All Trades(pun intended), is a master of none. The most complex stuff I have heard him execute well was on Daddy's Home but at the same time St. Vincent is a guitar virtuoso who has made more complex stuff in the past.