While HLS isn't the cleanest protocol (Yay for extensions of the M3U playlist format...), it's actually really good at what it's designed to do - provide reliable video streaming while using HTTP/S over variable networks.
Ultimately, HLS isn't designed for downloading and storing videos, it's designed for streaming.
Came to say this exact thing. HLS and it's fancy brother LLHLS aren't storage formats like MP4/FLV are. I think of HLS as a playback format: I'd play a Playlist when watching a VOD/livestream but I'd probably save it as an MP4.
Ultimately, HLS isn't designed for downloading and storing videos, it's designed for streaming.