The V-22 is an attempt to create a helicopter/aeroplane hybrid, just like the Rotodyne, compound helicopters and a myriad of what used to be called "convertiplanes".
The glass-half-full approach is to regard it as both an inefficient helicopter and an inefficient aeroplane. The CH-53E has about the same power and empty weight, and can lift a buttload more stuff. The C-27J is a military cargo aeroplane with the same basic engines as the V-22, has a much greater payload and is faster and has a longer range. And neither needs a 5000 psi hydraulic system.
But if you need vertical capability, the V-22 actually exceeds the performance of the helicopter (range and productivity) once you get past a certain range. In particular, that's why the Spec Ops community loves it and why it works for NEOs. But as a utility trash-hauler, it's really not that much of an improvement over a modern helo. You can try to develop a CONOPS that makes sense, but it's tough (particularly when your heavy-lift and escort aircraft are still helicopters).
And Special Ops is exactly why it exists. If anyone else here remembers, the Marines were happily going about replacing the Phrog (in the early 80s) with a helicopter called HXM. But that was just after the Tehran rescue failure, and people in DC were dreaming of a magic solution that would work next time.
Consequently, people who were, to varying degrees, naive, opportunistic and optimistic invented JVX, which was based on a successful demonstrator and combined SO, Navy (including ASW), Air Force, Army and Marine requirements in a giant program that would (through economies of scale) deliver a tilt-rotor to the Marines for the price of a helo AND lay the basis for a commercial aircraft.
The optimism lay in timing and performance - the real aircraft is much heavier and needs more power/fuel than was predicted at the start, and the initial design was horribly expensive and unreliable. And as time went by and the costs got higher, everyone except SO (who loved it still) and the Marines (who had nailed their colors to the mast) bailed out. And the commercial idea was a load of dingo's kidneys from the get-go.