I think about this often.
1. Has to have meaningful lyric. Not necessarily serious, just meaningful.
2. Should have storybook structure: Beginning-middle- end.
3. Good musicianship
4. At least one top notch solo
5. At least one surprise
6. Creative chord structure with key changes
It's probably a safe bet that I view music differently than most people. When hearing a song for the first time, the intro has to sound good, get my attention.
As for lyrical content, as long as it's not something I find objectionable. First and foremost, I am a MUSIC fan and not overly concerned with lyrics. I do listen to a lot of Christian artists because I agree with what they say, but a lot of secular artists have good messages too. I prefer instrumental music 60/40 over vocal.
By the mid 80s, the cookie cutter song design (verse, chorus, verse, chorus, solo, possible 3rd verse, chorus repeats as song fades out) had gotten old. A lot of my favorite songs don't follow any preselected formats.
Good musicianship is important. Good sound got my attention and ALL musicians playing well keeps me listening. Here's one of many examples.
A top notch solo is good, but at the same time, some of my favorites don't have a solo.
Surprises? A lot of the metal bands I listen to include some crazy surprises. "Cardiac Rebellion" by Becoming the Archetype has a horn section like big band jazz, with a sax solo! Then there is this. Give it a listen. You will be amazed.
Just thought I'd share a couple of things that are outside of the mainstream realm.