Wipeout HD is a great game if you want to play Wipeout HD - which is a title that features wonderful graphics, fluid, fast racing combined with an actual need to master the piloting to get far. And weapons.
If that's not for you then that's fine - but it doesn't make the game suck. Honestly, I literally hate the whole simplistic I don't like this therefore it must suck worldview.
Wipeout is clearly, both in sales, content and critical reviews, one of the best digital titles of this gen (particularly when you add the Fury expansion). Of course not everyone will like it - but that's just the way it is. Nobody likes every game, that's why no game ever sells anywhere near the actual install base. Heck, even something like GT5 (or Halo on 360) only appeals to a fraction of the total install base.
Look on the bright side - you got to try it for free. Think of the folks who bought it to learn they didn't like it.
I however, love it - even though I'll never master the top levels - and find it great fun to play on a big screen to experience what remains some of the best graphics this gen IMHO combined with a rare game that challenges you to learn instead of falling over to be so easy everyone can win first time around and be given the false impression they were actually skilled in the gameplay.
Try to be reasonable... its easier than you think...