I put around 150 hours into my first play-through and a fair bit of that was in settlement building. I really enjoyed building as a whole but the biggest disappointment for me was how it felt pretty inconsequential. The game was really hinting at the settlements being more involved in the world than they were, and I was genuinely surprised when it didn't play out the way I assumed it would, as was hinted in the early game.
It would have been great if you could have assigned a settlement to a faction, and this would have a positive impact on the faction's presence in the world. After the first few minutemen quests (and subsequently finding minutemen patrols across the map), and getting the radiant BoS farm quest (which after a few lines of dialogue really doesn't change anything), I figured that's where they were going.
I've given it a bit of thought since then and I think this would have given the settlements a purpose, as well as fleshing out the factions. Assigning different settlements to a faction (Institute research post, Railroad Outpost, BoS farm, etc) could have given that settlement unique structures/decorations/defense to that faction.
Maybe it would have given the settlement attacks some variety, attacks from that faction's rivals, escalating as you progress through the game and the factions become stronger. I'd even go a step further and having the strength of your faction determine their presence in a couple of the scripted encounters (Bunker hill for example), or that faction's presence in the wasteland (increasing the chance they'll appear to back you up in a tough fight), giving you a reason to invest in backing a faction early on. This is touched on slightly with the minutemen, but with a bit of tweaking could have been an interesting element.
Sorry if this has been mentioned elsewhere already. Just curious if anyone else thought the settlements could have had a few small changes that would have gone a long way towards immersion and feeling like you're building for a reason.