I've been playing since before Ulitma Online, OP.
The standard operating procedure for MMORPG (not MMOs in general) type games seems to be to release as soon as is possible, with enough content to get the game off the ground and running (only so much investment capitol available). From there, content and features are added in as the game proceeds. Seems they usually start with "quality of life" items while working towards at least one new raid level piece of content for the end game.
Hard to judge a game of this nature right out of the gate. I'd give it some time. It should start soon, and they are usually pretty well established after the first year.
