This reminds me of the "fun" versus "story" thread we had a while back. There is a similar conflict here that I believe fuels much of the dislike for min/maxing: "character optimization" versus "story".
Just as with "fun" and "story", it is possible to run a game where "character optimization" and "story" do not conflict. This happens in several narratives where the hero gains some special ability, finds some powerful item, or just happens to have the right mix of skills to overcome the challenges he faces.
Of course, there will be games where the two do come into conflict. In those cases, players who favor "story" get annoyed that the min/maxers prefer "character optimization" instead.
On the other hand, from the min/maxers' perspective, choosing "character optimization" will result in a better "story" for them. Namely, one in which they utterly crush the opposition with their finely-tuned characters

. So, maybe it's not so much a conflict between "character optimization" and "story" but a conflict between preferences for different types of "story".