The 99 totem cap was implemented in HW when the only content to go through was:

60 Levels on 13 Battle Jobs
49 Dungeons
8 Beast Tribes
2 Sets of Relic Weapons
15 Extreme Trials
1 Deep Dungeon w/ No Solo
6 Alliance Raids
1 Set of Normal Raids
2 Sets of Savage Raids
Diadem (lol)

Now there is:

90 Levels on 19 Battle Jobs
86 Dungeons
16 Beast Tribes
3 Hunting Mounts
4 Sets of Relic Weapons
34 Extreme Trials
2 Deep Dungeons w/ Solo
13 Alliance Raids + 5 Relic Alliance Raids
1 Unreal Trial
4 Ultimates
4 Sets of Normal Raids
5 Sets of Savage Raids
3 Sets of Blu Mage Savage Raids
Firmament + Diadem (hundreds of hours of crafting/gathering)

This isn't even everything.

99 Totems now is exhausting. When there were only a handful of fights to go try out back in HW it was fine to have something to lock players into their sub, now there is dozens upon dozens of fights to go and collect mounts/glam from. It's frustrating to sit down in a boring EX fight you can do with your eyes closed for 20+ hours when you know there is 100 other things to go collect from content more engaging.

And to say it's just a luxury or it's optional - my brother in Christ. Everything besides MSQ and MSQ dungeons in this game is optional. It does not mean they are automatically given the pass to be shit.