Now, it's one thing to question the artistic merits of literature studied in academia, such as the almost impenetrable "Finnegan's Wake". It's not all because of its vernacular (I can't really read too much of it at a time because it blurs into almost gibberish after awhile and I lose track of stuff I'd just read a line prior), but because it seriously doesn't make any damned sense sometimes, which is common when alot of it is written stream of conscious.
But, I get the argument: literary criticism is self-perpetuating, self-congratulatory stuff in many cases. But, just as for every solid software developer who understands the art and science of software construction in the tradition of Fred Brooks or Steven McConnell, there is the spaghetti coder with terrible habits (pushing broken code to the repo, no code commenting, etc.). The same laziness and idiosyncratic behavior is rife in litcrit as well. For every Harold Bloom and James Wood, there's alot of hacks that toss off their "deconstructions" rife with tautologies and dense nonsense. It's part of any discipline to separate the good from the bad; the humanities is no different.