I would like to hear other opinions here about the meaning of "holographic", but I don’t agree with yours. I always understood it to mean three dimensional images of voices and instruments. I have only heard it in person twice. Once was a pair of Watt Puppy 5’s, and there did seem to be ghosts of the singer and the instruments in three-dimensional space, but overall, I didn’t like the sound as it was too thin.
As far as something being "too holographic", I can’t imagine what that person was hearing when he said it, but he was probably describing some other sonic anomaly and using the wrong word.