the EU being overly bureaucratic is due to age, the UK system has the same issues.
our sovereignty is not important as long as we have the choice to leave in future, but the benefits awarded the middle/working/lower classes is unquestionable and we may not be awarded such luxury under a malevolent or overly 'for the rich' party. Rights are only rights until they aren't.
Workers rights in the UK are the best they've ever been, and better than those in the US, which is where our model seems to steer towards without EU guidance.
Quality of living (I'm guessing housing?) is bad in spite of the EU rules, not because of it.
We are awarded many luxuries and exceptions by the EU because of our status as one of the "core" members, if we renegotiate we don't have that. In addition trade agreements are not going to be in our favour unless with have something to barter with.
most of our industries are service/management layer, we're the middle people to a lot of things and without being a pivotal hub we may lose this and the foundation of British economy will be rocked, we need to produce something that the world cannot live without before making such threats.
Additional:
Without the EU being a unified block we do not have the clout to stand up to US bullying.
edited to remove condescension and provide only my points