Looking back, GTAIV is largely forgotten these days, as it wasn't artistically cohesive, and it deliberately dialed down the fun and chaos in favor of a grounded presentation.
On top of that, GTAIV's tone shifted dramatically, attempting to tell a serious story, while still maintaining the satirical nature of the radio broadcasts and fake brand names, and for many, it was a clash of tones that created dissonance, rather than contrast. Some felt that this direction breathed new life into the series, while others, like me, were initially impressed with the technology powering GTAIV, but quickly grew bored of the game itself. This included a more realistic physics engine, as well as a world that felt more mundane, one in which you could grab up your buddies and take them out for bowling night.
GTA had largely abandoned its cartoonish style from the PlayStation 2 era, instead focusing on the simulation elements of the series that were introduced in San Andreas.
While Grand Theft Auto IV enjoyed rave reviews and massive commercial success, it took a new direction for the GTA series that created a schism within its core fan base. The appeal of Saints Row 2 ran far deeper than the next-gen gambit that the first game had, but it remained in a position dependent on the state of Grand Theft Auto.