His "storyline" is that he's a UFC guy who thinks he's above WWE and is the only man who can bring back "legitimacy". Yeah, not really a traditional storyline, but the nature of his contract kind of prohibits him being involved in traditional storylines. He's on a limited number of appearances over the course of one year, and they can't use them all up at once because they want him to be at Wrestlemania. So the best way to use him is to have him show up and beat the hell out of main event-level guys.
I know I'm in the minority, but I love the Lesnar segments. Most intense thing on the show these days.