Similar to some of the other posters, I feel that
The Revenant
constitutes a great experience more than a great film. Do not misunderstand—I think highly of the movie, deeming it "good/very good" when I viewed it in the theater the first time (on a huge screen) and then "very good" when I saw it in the theater a second time (again on a huge screen). More so than any Western, perhaps,
The Revenant
uses location shooting, tracking shots, and point-of-view shots to make the viewer feel as if he or she is actually in that landscape, experiencing the snow and the cold and the chill. And the themes of brutal violence and lament for the slaughter of the buffalo are also appreciable.
Yet from a narrative perspective,
The Revenant
is a relatively unremarkable revenge piece, and as another poster indicated, the conclusion is rather hypocritical. Again, the film is very good, but does it belong in the pantheon of great Westerns? No.

No, it's visually engrossing but it's just a straight forward revenge story. I enjoyed it, but it wasn't as groundbreaking or unique as it was hyped up to be.

Do you think The Revenant is a masterpiece or a near-masterpiece?
Neither. It was boring as hell.
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Half(first) of a Masterpiece!

Nope. None.
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Feel similar: on the big screen, it was so immersive and I was completely transported. Loved Dicaprio's performance and the way it was shot, but thought the spiritual stuff was corny and unnecessary, and thought the parallel action was weak, and didn't find the ending satisfying - would have preferred to continue with the will to survive theme than the revenge sought and rejected theme which felt forced to me. Doubt I would have liked it that much if I'd seen it on a small screen and would not be interested in revisiting it except for in a theatre.
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Did you feel it was a masterpiece at times?

Great on a visceral level, but I think the alterations to the true story were unnecessary and dumb, and the anti-revenge message at the end is hypocritical and a total cop-out.
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I think it's a near-masterpiece. I think the factual story was amazing enough to NOT embellish, but as far as the film itself goes, I think it was visually stunning and captivating. I'm very particular about which movies to (rarely) see in the cinema, and it surely didn't disappoint, so the BluRay was a must-buy. I've watched it a couple of times now and my original impression still holds.

Haven't seen it, but, read how a freezing water scene and his recovery was just too unrealistic. The author of that was credible, sorta hard to be a "masterpiece" with such discrepancies.

Why didn´t you like it?

Neither.

A near masterpiece. It's among the best made movies I've seen in a while from a technical perspective.
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To me, it is an unforgettable masterpiece.