A big part of the problem is Bungie's insistence on using the seasonal model. They squeeze out time gated story content that varies greatly in quality and some type of rehashed disposable horde mode and demand you farm it to a silly degree. They then add in more farming of the same activities (Strikes, Gambit etc) we've been doing for years and call it new content.
No. I'd much rather they do 2 larger expansions a year but make properly concieved content that isn't designed to last a few months then get thrown away. This focus on getting new content out every three months is nothing to do with making good content, it's because Bungie wants players to spend money every few months. They want to update MTX every few months. They might as well just make the game a subscription model and I'm 100% sure that's in the works for some point in the future.
Problem is the decisions being made about the quality of the game are based purely on profit. Of course profit is important, but there should also be consideration to quality. Right now it's balanced far too much towards 'Right - what can we do here to get a few more dollars' (see transmog).
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100% This