From the log consumer (person) perspective, you'd want logs to provide you with sufficient information when troubleshooting. But since trouble usually happens when things go wrong in unexpected ways, the logging likely won't be well aligned to emit the right info for you to figure out what's going wrong exactly. What then, are you supposed to log the entire application state and every change to it? But then that's way too expensive, and there's a decent chance you might just drown in the noise instead. So you're left with this half artform half science type deal.
One thing I'm grateful for is that over the years most everything now logs in JSON lines at least. I just wish there was a standardized, simple way to access all the possible kinds of JSON objects that might be emitted into the logs. A schema would be a good start, but then I can immediately see ways how that would be quickly rendered lot less useful early on (e.g. "this and that field can contain some other serialized JSON object, good luck!").