What bugs my is that Bohr derives the energy from very few assumptions and sets up the solution through a natural force balance. Why is it that a faulty model can deduce the energy levels?
Bohr's model looks weird in the context of proper quantum mechanics, but it's a lot more solid than we usually give it credit for. A lot of features of it must work, because they rely only on the correspondence principle, the idea that classical and quantum mechanics should agree in regimes where both are valid.
At high energy levels, $n \gg 1$, we should be able to recover classical physics, which predicts that electrons emit radiation of frequency $\omega$ as they circle a proton with angular frequency $\omega$. But quantum mechanics predicts that we get radiation of frequency $(E_n- E_{n-1})/\hbar$, as had been motivated by Planck in his quantum treatment of radiation several years earlier. These two must be equal. I emphasize this isn't some unjustified random assumption; it must be true if quantum and classical mechanics are to agree in regimes where both apply.
Doing a little algebra, one can show the radii of the orbits go as
$$R_n \propto n^2$$
for high $n$. Here, Bohr's dimensionful prefactor is correct because of dimensional analysis; it turns out that Planck's constant is the only fundamentally new dimensionful quantity you need. Meanwhile, the basic dependence on $n$ is perfectly correct, and as discussed it follows from the correspondence principle. Similarly, speaking of circular orbits for high $n$ is perfectly valid, because one can construct localized wavepackets from quantum states that do perform sharply defined circular orbits. Again, if you couldn't, then quantum mechanics wouldn't limit to classical mechanics, and we know it has to.
Bohr's result happens to be equivalent to $L_n = n \hbar$, but this wasn't what he actually used. Just saying $L_n = n \hbar$ without any other context would be an unjustified, totally random assumption. Textbooks introduce it this way only because it's shorter, but it isn't historically accurate.
From the orbit radii, it follows that the energies are
$$E_n \propto -\frac{1}{n^2}$$
where again the prefactor is correct by dimensional analysis. Again, this is not a coincidence; it is the generic behavior you would get applying the semiclassical limit to any potential with a $1/r$ tail, so it also works for Rydberg states in more complicated atoms.
The miracle of Bohr's model is two-fold. First, it works even for non-circular orbits, which correspond in the full quantum theory to wavepackets built from states with $\ell \lesssim n$. This is special to hydrogen; the general semiclassical result would be
$$E_n \propto - \frac{1}{(n - \delta_\ell)^2}$$
where $\delta_\ell$ is called the quantum defect. Today, we know that the degeneracy of levels with different $\ell$ in the hydrogen atom is due to a hidden $SO(4)$ symmetry in pure $1/r$ potentials, which is the same one that guarantees the conservation of the Laplace-Runge-Lenz vector in orbital mechanics.
The second miracle is that the result continues to work well even when $n$ isn't large. This has no justification like the semiclassical ones I gave above, and I suppose it's just because simple equations have simple solutions. In other words, nature was kind to Bohr. New theories often get off the ground with lucky breaks like this one.