You've answered your own question in your question. Abstract art uses colour and/or shape to produce a composition that doesn't necessarily have to correlate with anything representative. It doesn't need to be of anything: that's the definition of abstraction, and by that criteria is this a composition that uses colour to evoke a narrative. Besides, this is easily recognisable as a waterscape, so it's not a full departure from subject matter and the real world; or 'nothing', in your own words.
It's pretty clear that you don't enjoy this style of abstract art, so I'd recommend that you relax and just move on when you see work you don't personally enjoy. This is an old discussion.
I accept that there will be a few people who will like this work, or other simple abstractions, because they think that liking it is the in-thing to do, but that same argument will also apply everywhere else on this site: some people will like technically proficient fashion portraits because they think it's expected of them; some people will like elaborate animé art for fear of not fitting in.
The commentary of the tale of the Emperor's New Clothes is a concept that applies to almost any group dynamic; you're just using it here as a vehicle to carry your distaste for this style of art. There is no requirement for you to feel anything from this piece or, indeed, to enjoy it at all; but stating that everyone else is wrong, or deluded, for having an attachment to the work is bizarre. You're entitled to that opinion but that doesn't make it fact, and bashing featured work on this basis is particularly disrespectful.