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Since when is whether or not something is "worth" being done among the criteria for determining if something is grinding? Firstly, it is the player's job to determine what is "worth" being done--in this case, however, the game forces players to waste their time getting faction points instead of just continuing the storyline. While to me, that's not a problem generally...I enjoy ABing quite a bit actually...the fact still remains that, to many people, getting those points is a grind. They'll likely be doing those quests for the faction reward and nothing else, merely so they can continue. And of course, those who AB a lot suddenly have to fight for a different side if they want to experience the entire game. I've still yet to beat Unwaking on the Kurzick side for that very reason.
I'll concede the point that, as far as most Online RPG's go, the grind is minimal, and, depending on how you approach it, is not a a grind at all. But for those who don't have much time to spare playing GW, obtaining that many points could take a few days to get.
Gaining enough Faction is part of the story. The people who you are trying to get help from do not know you. To win their trust, you have to earn Faction as a proof. Those who don't have much time to spare for playing the game can finish the game in the same amount of time as someone who does. It may take them 3 weeks, as apposed to 3 days, but the number of hours will be roughly the same. Just because you can only complete 1 quest a day, and get 400-2.5k Faction from it does not mean you have to do FA/JQ/AB. The quests work fine, and in fact, with the change to award Faction for kills when under a blessing, it is even easier. Sounds like your wanting to finish the game without playing it. Factions is the name of the game.... guess what, you are required to earn some as part of it.
Better to remain silent and thought a fool than to open your mouth and remove all doubt. - Abe Lincoln