The Conjuring movies–which includes Annabelle–aren’t terrible by any stretch. though they’re not that good as far as horror movies go, either.
In fact, they’re passable entertainments and that’s it.
They’re stylistic exercises and care less about generating genuine thrills and chills than appealing to as many people as possible. And that’s okay because the purpose of movies is not to entertain, but to make money.
The problem is when that become fairly apparent.