I think the main thing that's wrong is that the core game of pve and pvp isn't actually being touched on, this year we didn't get a new strike, events so far has just been "play in the portal", pvp hasn't really seen any meaningful changes and they straight up said gambit is being left alone "for now". They advertised the portal as like a guide for what to do next and instead every single activity new and old you have to go through the portal. The old year one campaigns have been vaulted for years and in it's place is a lackluster new player "quest" that doesn't really teach anything, I should know I had to teach EVERYTHING to a friend who started back before final shape, so there isn't even a real story mode or campaign or any real missions to get new players immersed into the world, instead it's just "ok now lets do this strike, and then this strike, and then this exotic mission, and then go jiggle zavalas balls real quick". There's not a lot to do for newer players who haven't bought DLC and nothing that's grabbing older players to actually get into past the expansion and raid. They added too many new shiny things instead of refining the things that most players actually got hooked on when first booting up the game.