No, we do have enough content

[Jeeqbit]

The Extreme Trial: 2 hour lockout (excluding reclears)
The Chaotic Alliance Raid: 2 hour lockout (excluding reclears)

I disagree that these only count as 2 hours, because they are meant to be done multiple times. In some cases you might actually clear an Extreme trial in just 2 hours, but often it takes more prog than that for people depending on which one. Then they are meant to be farmed for the mount, or at least for a weapon which is nice for alts if you already have a good weapon.

Chaotic you probably wouldn't clear in just 2 hours of prog, and that's also meant to be done multiple times.

That makes High-End content really, really good and lengthy content for most people. The problem is that a lot of people avoid anything that is "High-End", which leaves only the rest of the content you mentioned. And it's that other content that gets too repetitive or simple for many players.

We’re getting 27.5 hours of content for just $13. According to howlongtobeat.com, it takes 60 hours to complete Elden Ring. That game costs $60

That's a good point. It's easy to attack that things only take 10 minutes, but it helps to understand that a pick-and-mix is SE's design goal to so that people can stop every 10-20 minutes and eat/hydrate: