I like that explanation better than my conspiracy
I still wonder, though, if SE has been setting aside finished content thinking 'this will be released in the final pay-to-play version.' It's kind of like the whole boiling a frog in hot water thing, if we don't notice any instant, dramatic changes to the game, it would be hard to suddenly slap a monthly price tag on the game and not expect to see a drop in players. Although, I think that 1.18 & 1.19 might change that...
If FFXIV can produce content faster than we can play through it, then players will at least pay for the game until they've tried that new content

perhaps that's what they're aiming for instead of a gigantic 'boo-ya' patch that starts pay-to-play...