I thought that BrodyFosse123's assessment was incredibly thoughtful, and extremely well written.
I have not seen ACL since 1976. I tried 4 times in the first year to 'love it', but it always left me cold. I kept on hoping the next time was going to do it, but I gave up after the fourth viewing. I also admit that I never loved the score -- especially 'What I Did for Love' -- so i am probably a lost cause.
Ironically, when I saw it those times, I felt that the cast was cheated out of a well-deserved curtain call. As a member of the audience, I felt a little 'cheated'...I may not have liked the show that much, but I thought there were a number of outstanding performances that deserved recognition. The individual bows during 'One' certainly identified the performers the audience appreciated the most (the three Tony winners and Priscilla Lopez), but they were so split-second that it wasn't enough. BrodyFosse123's explanation made it clear to me why Bennett chose the ending that he did. (I always thought that the only thing missing from the finale was a lavishly dressed middle aged woman to serve as the Dolly / Mame / Fanny / et al surrogate and, therefore, the center of the number, so I did get most of the point. That said, I still missed the traditional curtain call).
PS -- I also hated the curtain calls for Nicholas Nickelby and Hamilton, two of my favorite shows ever, which provided no opportunity to recognize individual performances.