Well, the biggest thing here that makes it feel disappointing is that this feature pack this far actually only contains one new feature! Standard Enemy Models for PvP- a welcome addition. But in purely technical terms, everything else thus far is a refinement, polish, enhanced QoL, new items, tweaking numbers, etc. There are fundamentally solid core changes to existing systems, especially for new players, but no new systems.
So stuff like a balance pass, dungeon instance owner changes, guild/megaserver enhancements, crafting UI changes- these are equivalent to stuff from FP1 like dyes and ascended gear becoming account bound, LFG UI updates, trait resets/armor repair being free. But alongside those aspects, the first pack included the Megaserver system itself, PvP reward tracks, the Wardrobe system, and the new trait unlocking scheme (not that the latter was all that well-received). These are wholly new features, aspects of the game experience that simply didn't exist before the pack.
Even the Story Journal, which was actually not part of a feature pack, was way more of a feature addition than the enhancements that have been presented so far.
All that said... everything presented here so far is also a good thing. I also acknowledge that not every feature pack is going to have brand new systems, by nature. I also acknowledge that regardless, eventually the vocal complaints will reach the point where an expansion will be announced as a hush puppy.
I understand and even sympathize with people who are dying for an expansion. I don't even expect them to be able to sympathize with me- there's a degree of conditioning as to what you expect from a game in this genre; a sort of "special relationship" syndrome has very clearly taken hold. I want tons of new content and gameplay options of all varieties and depth, but I have no need to get it all at once in a huge burst to eat through for as long as it lasts, with a required upfront purchase to boot. That might be interesting to me if I were no longer really playing the game at all or even playing on a regular basis, but I certainly still am. Furthermore when such a purchase inevitably does come, there's an overwhelming likelihood it will bring with it all those MMO tickboxes I actively don't want like a raised level cap, possibly invalidating all our gear for the toughest content... I just want no part of it. Of course I'd buy an expansion and play it, but I'd be going along with those "additions" solely out of necessity... exactly, by the way, like I didn't have to do with the rollout of Ascended gear.
I still play GW2 plenty, more than any other game I own... and I own a lot of games I haven't yet played. I like being afforded the luxury of getting new stuff frequently, for free, without the sort of sense that I'm missing out or falling behind if I feel like playing something else on any given night of the week. To me, an expansion is being hit with a cowprod while I'm enjoying things at my own pace and paying for the privilege. But oh well. I'm just enjoying everything we get big or small in the meantime.