Well it is a pretty much indisputable fact that the amount of gameplay time and content introduced in Shb patches, in comparison to both SB and HW patches (not to mention ARR, but the white knights will just go thats invalid because its not technically an expansion), has been significantly reduced. The number of new areas and assets is smaller (less dungeons, not even a single trash pull in raids or any area to traverse compared to alexander, no new zones like eureka and so on), the Relic weapons so far lag FAR behind their counterparts.
Now, there are obviously players who like this, for one reason or another. They are happy to see gameplay time reduced, mostly (from these forums) because it makes rewards achievable quicker and with less effort. So we can debate whether smaller patches and less gameplay is your personal preference - but we cannot debate whether content patches are smaller all around, because they provably are.

The biggest waste is really Ruby Ex. The only extreme trial of 5.2 already devalued by watching cutscenes and walking through a tunnel zone. There is basically no midcore content in the game right now, its almost all casual, and 4 (5 if you count ultimate) fights for more experienced/skilled groups. Thats it. So objectively, this expansion does not offer anywhere near as much gameplay content as its predecessors. Its just a matter of whether you like that, or not.