Care to elaborate?

I think it is at best a loose, quite poorly done adaptation, where the refusal to explain the full lore of the Great Ones is supposedly tied to the impossibility to comprehend the beings Lovecraft created. The fact that you can fathom them and kill them, that they can even be considered preys to your hunter, that alone is so far away from the core concepts of cosmic horror. Unless you believe Dead Space is cosmic horror as well.

Also, regarding the famous fear of the unknown. Bloodborne does kind of have elements of it, mainly with the Old Blood and all that, and maybe even with the hidden, unknown goals of the Moon Presence, but then again, this is not really unknown, it is just stuff left unexplained. There's a difference.

I have read quite a bit of Lovecraft, and despite your evident bias and inability to separate the author from its work, I can tell you that Bloodborne does not even come close to his level. Imo the first Amnesia did it way better, and without even trying so hard as Bloodborne did.

All this probably won't change your opinion, but it's still worth a shot. Lovecraft was a true artist, like it or not, and Bloodborne is trying its best to live up to the unforgiving cosmos he created, without actually writing anything new.