Matthew, I think you're expecting a bit too much from Taylor Swift here. She's not carrying the entire future of art or Western culture on her back. You could even argue that most of her music rather than being "deep art" is mainly designed to be entertaining to her fans. And they do love her. I'm not a huge Swift fan, I barely listen to her music, but my best friend loves her music. Because it's fun to listen to. Because it's escapist.
I would suggest that the very things you criticise her for (not being TS Eliot or Shelley in lyrical form) - are things that most pop musicians can be called out for. So I wonder why you're singling her out as this exemplar of "everything wrong with modern culture" vs any of the other artists that have made light pop ballads over the past few decades. I would hardly call her the worst or the most vapid. Her music has appeal and artistic merit even if I don't think it's particularly deep.
In terms of her idolisation - I would compare her to Madonna, Cher or Kylie Minogue. Female musicians who have cross-generational appeal while making mainly light and catchy "fun" songs.
If you want depth and profundity look at Florence Welch. She's also very popular but a lot more poetic and complex.