You are completely right to be frustrated by recipes that drown the meat. What you are describing is the difference between true braising and stewing or boiling.
As a general culinary rule, the liquid should only come up between one-third and one-half of the sides of the meat. It should never come close to covering the roast. If you submerge the meat more than halfway, it will boil in the liquid instead of braising, which washes away the crust and results in that watery, boiled texture and flavor.
Keeping the liquid at the halfway mark allows two different cooking methods to happen at once in the pot. The lower portion slowly breaks down and tenderizes in the gently simmering liquid, while the top portion cooks in the hot, trapped steam under the lid. This environment keeps the meat juicy without diluting its rich flavor or ruining the crust you built.
To get that classic homestyle pot roast, start by searing the meat thoroughly in a little oil on high heat until deeply browned on all sides. Remove the meat, discard any excess grease if necessary, and use a small amount of liquid to scrape up the browned bits from the bottom of the pot. Then return the meat, add just enough liquid to reach roughly one-third to one-half up the sides, cover tightly with a lid, and let it cook low and slow. You can turn the meat once halfway through cooking so both sides benefit from the braising liquid.