Arkham Horror is it's own universe, inspired by, but distinct from the Lovecraft Universe.
The main characters in this Universe are the investigators, not the monsters. We create their adventures as we move from game to game in which they repeatedly appear. I like these characters, and I like the Arkham Horror Universe. I probably like it the same way other people like the Star Wars Universe, or the Warhammer 40k Universe.
I know this world. The layout of the town. The people in it. I know it so well, that I can imagine it surrounding the house in Mansions of Madness. I know where the cards laid out in Arkham Horror: The Card Game would be on a greater map of the town. When my investigator in Eldritch Horror visits Arkham, I know she will be staying at Ma's boarding house, and maybe getting a drink over at Hibb's.
So while others may moan, "Not another Cthulhu game," or complain that some game in the Arkham Horror Universe isn't "Lovecraftian" enough, I say bring it on. Like a new book in a favorite series, I can't wait to see what new adventures are in store for my favorite investigators.