IIRC the intent was for the LCS to have fast transit times so that a vessel based outside of an area could be rapidly deployed where needed. Keep in mind the LCS was to replace two classes of MCM vessel, as well as a FFG class in USN service.
A key part of the idea was that the mission modules would permit rapid changes between missions that an individual LCS could perform.
From my POV, it was another of the less than successful transformative efforts under SecDef Rumsfeld's 2nd watch.
In order to be ocean-going, fast, and able to operate in shallow water (to a degree), the designs had to be roughly the size of a frigate, though tending to have a broader beam. The designs also had to be of comparatively low displacement relative to their volume. One unfortunate impact of needing to keep the displacement so low, is that the base armament of an LCS is quite limited for a warship of it's size, and there is a limited displacement available for mission modules. I could be mistaken, but IIRC the 'extra' displacement available for mission modules is in the realm of 100 dwt.
A further issue with the LCS is that the development of the mission modules has been problematic, which has also been complicated by the need to keep the mission module displacement so low. This has limited the range of modules available. It has also been found that the time to change between roles, while faster than to change the role of a more conventional vessel during a dockyard refit, can still take several weeks.
While I support keeping the shipyards occupied with orders to maintain the pool of skilled labour, I would very much like to see a more servicable replacement for the LCS classes selected and ordered. Failing that, if the shipyards could be tasked with building more DDG's.