It's not terrible. But I think it's popularity is mostly due to the large amounts of Americans who iconicize steak and potatoes. To people who consider steak and potatoes to be the definition of an ideal meal, they naturally will like this restaurant.
I'm not a huge steak house person, but I've eaten at places like Ruth's Chris, Craft Steak, Bern's in Tampa (probably the best). I found Les Cellier to be very inferior to all of those places, but a step better than Outback.
Thus, if your tastes are much more varied than steak, there is a long list of more interesting restaurants at Epcot.
For example, I think the pizza at Via Napoli is excellent. So an excellent pizza... Or a so-so quality steak... Depends on your personal preferences.
Considering their signature dish is a filet mignon with mushrooms, risotto, and truffle butter sauce, I think you're being a bit harsh. Of course it's not Craftsteak or Bern's, but Via Napoli isn't Scarpetta and Bistro de Paris isn't Le Bernardin either.
The bottom line, IMO - Le Cellier lunch is an excellent value if you're on the dining plan. You can get filet mignon, and even a sauce with truffle flavor (truffle anything for 1 credit is a good deal). Combine that with the comforting yet slightly unique cheddar cheese soup and maple crème brûlée that have both established cult followings, as well as a fairly decent menu and the restaurant's small size, and that's exactly why Le Cellier has become so popular.
IMO, the food is very good for theme park standards. Most restaurants in Epcot don't come close (definitely not Coral Reef, and I'm a seafood person, definitely not Garden Grill, not Nine Dragons, Les Chefs, Marrakesh, etc). Bistro de Paris has the best food quality in Epcot, but it's a lengthy meal with upscale food that many people don't really want. Le Cellier definitely has broader appeal, but I still think its food quality is up there (the only theme park restaurant I like more is Brown Derby).
More info: I'm not a picky eater - there are a few things I just don't like, but I'll eat any type of food: South African, Moroccan, Ethiopian, Chinese, Japanese, Korean, Thai, Vietnamese, Malaysian, Indian, Italian, French, Mexican, Spanish, Cuban, seafood, spicy, etc. So I definitely wouldn't put myself in the "meat and potatoes" box. That said, I still think Disney dining isn't exactly stellar, and Le Cellier is easily one of the better options available in the parks. Any comparison you make between a Disney restaurant and a similarly priced restaurant in the real world is likely to not end in Disney's favor.