Yeah, I was really confused by this reaction until your post made me remember that I actually got to see a large part of Scalebound never released to the public during GamesCom. There's an inventory system, there are towns, character progression, dragon customization etc. etc.
This is a RPG and I feel like this is why so many people here are disappointed.
Scalebound doesn't compete with Bayonetta, it competes with Dragon's Dogma. It's another RPG with action-oriented combat in that vein and that's why I'm so incredibly excited for it.
If you'd compare Dragon's Dogma's fighting system with Bayonetta's it wouldn't end very favorable for DD. It's great for a RPG but lackluster if that'd be all there is to it. However, combined with all the different possibilites provided by the fact that this is a RPG, the fighting system suddenly seems pretty damn great.
That's what this game should be compared to. This is not a character action game, even though it still has quite a few of the genres influences.