Definitely agree on this. Does the current reveal really look like four years worth of effort? They have Destiny base animations. They would have had to animate abilities etc. but essentially most of the work is creating a map and assets. There is no way creating grimoires or codex takes that long.
Reminds me of the old source map SDK with more colours and textured environmental detail.
I'm more betting most of that time has gone into the economy, store and MTX which we are yet to see.
I'm not fussed if the game isn't for me, but this is a game for nobody. People will point to a few streamers and say look they like it after a few hours. The overall reception to this is significantly negative, the willingness of players to outright dismiss paying for/trying the game is high, and none of the streamers will be adding this as their main game or rotation without a huge raft of changes.
We can argue between ourselves as to why that is, but ultimately the problem here is why Bungie thought this type of game would land and be a success. The most generous receptions have been 'I'll give it a go'. If your kid loves cheese and you serve them turnip, don't be surprised if they leave the turnip uneaten.