I'll provide a slightly different perspective from what has been said so far.
I'm an achievement hunter.
So in those moments when people often say "there is no content" I will dig through the achievement log and still find something to do, because even if I'm currently sitting at 93% completion, there is still a lot of older content I haven't been through yet.
Before Dawntrail released, I had already planned what content to focus on this expansion: I wanted to get all the Endwalker savage and EX mounts unsync, solo Deep Dungeons (and farm Timeworn Artifacts for ShB relics at the same time, because I've spent enough time in Delubrum Reginae already), finally get the Mahjong titles, and start working on the Accursed Hoard grind.
That on top of all the new content, of course.
The reason I became an achievement hunter is not for self-gratification or for flexing titles, it's because I enjoy collecting things, customization, and, most of all, because I want these titles and rewards for my character (I got into fishing only to get the Sea Dragoon title for my DRG, I got the Saint of the Firmament title only because I thought it would make a good AST title, I got to crystal in the first season of Crystal Conflict just for the Crystal Keeper title and then never touched ranked PvP again, etc).
As long as I had my character, I could find something to do, even if people around me were complaining about the 2min meta, the difficulty of raids, the lack or the redundancy of content, etc.
Then came the graphical update, which considerably changed the appearance of the character I've been hunting achievements for.
As a result, all the plans I mentioned have come to an abrupt halt. 7.0 cutscenes were difficult to watch. I can't even take gpose screenshots anymore.
(7.1 addressed some of those issues, but the response from the dev team over the past 8 months has been so ambiguous and poor that I have no idea what to expect from 7.2 or later)
Now I do the "bare minimum" compared to how I used to play.
(it's probably still a lot compared to other people, but sunk cost fallacy got me in its clutches and I gotta spend those leves...)
Job design and job balance are constantly being reworked with each update, the story is constantly progressing with each patch, and new raid designs are released every 6 months or so, so even if I may not be satisfied with the current state they're in, I know that things can/have to/will get better in the future.
I do not share the same optimism about the graphical update, which was a one-time thing, and was countlessly touted as making the game look good enough "for the next 10 years".
(well, compared to stuff that came out this past year, I can already say I highly doubt the new graphics will last that long...)
I've already said it, but what keeps me subbed at the moment is sunk cost fallacy.
But in the current gaming landscape where more and more games want to take more and more of your time everyday with dailies, weeklies, regular updates, stamina, etc, there are only so many games one can afford to play, and FFXIV is being pushed more and more in the background, so even that may not be enough to keep me logged in in the future.