Most of the best rappers don't even rap about hood shit. It's true people like Ghost and Wu do, but it more bills itself as a story more than anything. Listen to Fishscale and close your eyes, its basically a Scarface movie. MF DOOM is a prime example of someone who doesn't need any bullshit to make a good song. He has great lyrics, sick beats, and if you listen closely you will usually laugh. Wayne might have a couple of songs that shine, but most of his shit is garbage. His rhymes just put together any free association of random similar sounding words. He can't tell a story. Storytelling is pivotal in raping because in the end of the day that is what rap really is, storytelling over a beat.
Also, listen to this:
Ridiculous beat, great rhymes.
And this:
Shit is pure fire.