No one wants to feel their time is wasted. Rather, we want to be rewarded for our spent time. When FFXIV renders everything we've worked for obsolete every few months it feels as though nothing we strive for matters, no goals have lasting benefits for us, so why even set goals? Why strive for anything? Why keep playing?
I agree with the OP, not because I think I'm entitled to something special for having played the game so long (though Veteran rewards were a nice touch, thanks Devs!), but because I have invested in FFXIV and I just want that to mean something.
When I reach a long term goal, like a relic weapon, I want that to mean something. Instead, we literally destroyed our reward when we started the next relic chain. When I spend months collecting enough red scrips to scrap together a set of gear I don't want a patch to come along making that same gear acquirable in a short afternoon.
Vertical progression has some benefits, but those benefits come at the cost of cutting off our legs every other patch.