I suspect that Bungie no longer has the money or man power to produce content at am acceptable rate, and it has everything to do with the initial rewrite of Destiny 1 setting a precedent for how they would do all content from then on in.
My theory: Instead of producing the game how the original writers had laid it out, they chose to stretch the content to generate income for them and their partner Activision. Leading to the departure of the Lead writer and perhaps by coincidence Marty O'Donnel. Now seeing as that margin was larger because Bungie still owned the IP for Destiny, they enjoyed initial success at launch from sales and their agreement with Actvision. The fact that they shipped that cut up version set the bar for Bungie being in a constant state of damage control with its playerbase, and their lukewarm tone deaf responses, illustrate that.
The biggest mistake they made was promising a ten year commitment to Activision to produce revenue. When they didn't, Activision squeezed the feeding tube and Bungie had a reason to produce more. I think that's why Taken King was as good as it was.
If Bungie had produced the writers original story and not the cobbled together mess that was vanilla D1 they would have made considerably more money in my opinion and Really set a standard to define the looter shooter genre, instead they defined it as being in a constant state of serviceability held up by microtransactions,
A safe and non-creative solution to a declining bottom line of an industry that has not raised its box game prices since I can't remember when; with the phrase "we have been listening to your feedback" to keep the foolishly optimistic on the hook.
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You’re very probably right, lots of people have speculated this. But the original concept has been dissected and mutilated so much, we are unlikely to salvage what the original idea was now, it’s gone too far away from that.