I was interested in Dredge as someone who loves both fishing games and Lovecraftian horror. I found the fishing part to be plenty fun, and while the Lovecraftian aspect is interestingly executed, I wouldn't describe it as a central aspect to the game as much as in, say, Darkest Dungeon.
In that regard, I found the panic mechanic to be simplistically implemented; I would've preferred a system that scaled in a longer cycle than simply night, and affected what you see of the world (Like in Darkest Dungeon 1).
I also felt the upgrades to your boat, be it in lights, engines, or fishing rods, were a tad boring. In this kind of game, I think I personally prefer side-grades and personal choices to straight upgrades.
And while the story really just isn't there, the chore gameplay loop is addictive enough to, combined with the lovely art style, provide more than 10 hours of enjoyable gameplay.