OP: I understand where you're coming from. But take a step back and think about this.
In terms of fine art, nature, even client-based portrait photography, maybe that formula really matters. I'd say it sounds like perfectionism has reared its ugly head, but as the Queen of Perfectionistic Tendencies, I understand the feeling.
But you need to also realize that it really depends on WHAT you are shooting too.
It sounds like you are in a place in life where kids have to be your main focus. ENJOY that!! You won't have it forever!! You may be jealous of those who "have the time and energy to consistently produce incredible work" but perhaps they are simply in a different season of life. YOUR time and energy right now are focused on kids, and that's the way it should be. I am sometimes a bit envious of some friends who have already retired and have all day to go shoot, whenever they want to, while I'm slaving away 8-5 at a job.
Or, Kris Rowe (coastalconn) comes to mind. His work schedule allows him to go out nearly every day and do photography. I admire that, part of me "wishes" I could do that--but that is NOT where I am in life.
I've lost some dear, dear friends in the past few years--some of them way too young and too unexpectedly. Right now, a dear friend is watching her 34-year-old daughter face her final days with a cancer that NONE of us thought even 3 months ago was terminal.
One thing I've learned--or at least, I'm learning it, FAST--I don't want to waste even one day wishing I had something I don't. I want to spend every day fully participating in whatever season of life I am in at the moment, fully appreciating what I *do* have.
YOU use all your time and energy on your kids right now. One day, they won't be there and you'll have the time and energy to focus more on photography. But oh, the memories you'll have of that precious time with your kids! Raising kids right is a FAR more worthy endeavor than the finest photograph I've ever seen.
So, back to the rest of my point:
For me, there are two classes of photography. There is my "public" stuff--fine art, birds, portraiture--and yes, I have extremely high standards for that stuff. The public will only ever see the tiniest bit of it, the bit that manages to somehow slip through the ever-increasing filters of acceptability that I create as my skills improve. And frankly, sometimes, I might produce quite a few of these in a short period of time, and sometimes I might go a very LONG time without producing anything I deem worthy of sharing publicly.
But then, there's the LIFE photography--pictures of holidays, and family events. Even pictures of a walk at the park, or a short road trip with my sister. Some of those are FAR from good, using your formula of "good photography". While I strive to make them as good as possible given the circumstances, I don't dither about less than ideal lighting, or even necessarily a "compelling" subject in the way that you mean it. But you know what?
When I look back at those photos--pictures of my kids at scout trips, or out camping; pictures of their birthdays, and them just being goofy and silly--those are BY FAR my favorite pictures.
Truthfully? I'd trade in some of my best work to have more mediocre images of special moments with my kids, more pictures of my dad, more pictures of friends that I've spent time with and lost too soon.