That is literally just "press O at the right time to not get hit". There's zero ability to position yourself so you don't get hit. You just get aimbotted unless you hit O.
Dodging becoming a more central mechanic in BB after DeS/DS1/DS2 is not really a regression. It's just different. I don't claim that BB has greater diversity in builds or combat, but it focuses on hyper-aggressive, fast play as you said. It's only natural that the game pushes you into dodging- like the lack of shields, it's done to
keep you moving. Positioning and blocking are relatively passive strategies, and one might argue that Dark Souls 1 is similarly tilted towards overly defensive play (especially considering that you cannot dual wield weapons except pyromancy and magic, and you cannot parry without a shield)- that's because Dark Souls 1 and 2's combat revolves around
committing to action. Bloodborne focuses instead on
adaptation and reflex, hence,
movement. Quite many enemies in Bloodborne have an attack that baits you into evasion by dodging, but needing you to sidestep right back to utilize the opening right after. That back-and-forth move does place great emphasis on positioning as well.
Dark Souls focuses on calculated encounters- tighter enemy and level design, set amount of healing, one-on-one combat even in groups. Bloodborne's encounters and situations are more dynamic and, shall I say, "emergent"- reclaiming health by causing damage, consumable healing, Emergency Hunter Bullets and the pace of combat serve to create a gameplay loop where it's quite easier to deviate from a tried-and-true path of challenging enemies, easier to take risks, and more on moment-to-moment decisions- I've spent 10+ minutes away from a lantern many times in Bloodborne (I might get a Vial or Bullet drop quite often), can't say that Dark Souls 1 or 2 ever encouraged me to do the same (indeed, I've returned to the bonfire many a time to replenish Estus). Dodging vs. positioning plays into this. Positioning works in DS because enemies commit to their attacks like you do. Dodging works in BB because its combat is more about mutually keeping up the pressure (which is why vial consumption is near-instantaneous) and taking immediate advantage of weaknesses.
Lastly, needing to dodge to not take damage from an attack isn't bad design; a single tactic working against all enemies would make for a boring game.