I don’t know how much you can academically analyze how you feel about a track, but on a psychological level I’d say that this has at least 2 things going for it.
First is that there’s a super dry, catchy bassline which they make sure to show you front and center, right from the start. That bassline rides throughout the entire track except for a half bar dropout at like 50 seconds into the track at the end of the first build, then it drops out for longer during the long “deep” build just before 2:00 where they add some tension.
The other strong point is that there is nothing technically wrong with it. It’s not too long so it doesn’t overstay it’s welcome. The composition, the instrumentation, the drums, the arrangement, the mix. As you noted, simple, basic, familiar, there is nothing poking in your ear saying “but if they did this instead…” Even the vocalist isn’t doing anything remarkable, but it’s easy to ignore.
It sounds simple but I think it’s not as simple as that, to make something with just the right elements to not stand out too much, or just the right balance of easy to listen to / easy to enjoy / easy to forget. This track is groovy, but I almost think it has no style of it’s own, and that may be it’s ultimate appeal.
Anyway, I don’t listen to a lot of house these days so it’s just an opinion, if someone else thinks it’s super deep on another level that’s fine too.