No point having a huge explore area because there would be no enemys to fight as its the last safe city. No enemys-not much fun.
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How about NPC's. The last city would be a great place to meet the people who are the entire reason for the guardians existence. Also its a prime location for future DLC that could accommodate all of the extras Bungies' patrons desire. IE..player homes, races, stores, clubs, clan buildings, etc. Such immersion would open the way for players to feel truly connected to the last city. That connection would bump the excitement level when we would finally have to defend the city.