After putting 3k hours into warframe, i can honestly say it wasn't worth it, I agree with your take.
Here's a common misconception tho, DE isn't some unknown small indie team. In fact they earn just as much as bungie, they get away with any false promises and micro transactions for which other companies this big would be roasted alive for.
The problem lies with the community, like LOR said you get waves of new players with tonnes of stuff to do, that lead nowhere. They turn into so called 'vets' that complain about lack of difficulty and engame, but get shut down by the influx of new