I would definitely prefer to have fully developed races/cultures with interesting social structures and organization. In an ideal world I would like to have 4-5 cultures per expansion on release. That doesn't have to be separate species of course. As an example, I think there is clear differentiation in 'culture' between Drustvar and Stormsong even though both are Kul'Tiran Humans.
However in Dragonflight, it doesn't feel like we have any truly developed cultures on release. I don't think there has been any notable exposition / world building / culture building for Dragons, Dracthyr or Dragonkin. Maruuk are sorely lacking in the story department and the world building department. Iskara themes are handled much better but even then, there isn't much opportunity to discover much about them or their relationship with other Tuskar etc. Dragonscale Expedition does not interest me at all. Now they do have good content and they do deliver good story beats / reveals etc but they are not a culture. They are the same 'expedition' / generic explorer faction we've had in every xpac since Cata.
What else is there? Djaradin seem like they only exist to be utilized in a later patch and the Black Dragonflight leadership contest doesn't offer much more than 'Kill these guys and fill bar'.
I appreciate that both of those are likely to be developed more in future patches. However, that doesn't mean that it's good story telling / narrative development / world building on release.
As much fun as I am having with DF and as positive as the patch schedule is, it seems a lot like 10.0.05 and 10.0.07 were intended to be part of 10.0.0. Which, to get back to the OP's comments, is probably why there is no 'ending' just yet. The cynic in me says this is incredibly smart delivery that, even if it diminishes the world a little, ticks a lot of community boxes and tees-up the public opinion. I think this is supported by the prevalence of 'but three patches in 6 months' in response to critical feedback on here and other forums.
Either way it's 100% better than it was this time two years ago at the start of SL though.