Going to devil’s advocate here.
The situation is more like reaching the end of an MMO expansion where players are just waiting and waiting…. and waiting….. for the next expansion to be announced. At some point, players who are active in the game need new challenges to keep them engaged with the game. Otherwise, they just get bored and leave.
To badly paraphrase Eveline, in regards to the situation she would likely say something like “things are going to happen exactly when they are meant to happen”.
To the credit of the game, it did not follow the usual gacha / live-service power creep model when numbers blow up to oblivion way too fast and the newest shiniest thing is obsolete trash in mere weeks. On the other hand, I have heard way too many players over the years venting frustration over how glacially slow PQ3 is in terms of power creep over other games and eventually abandoning the game in sheer boredom.
Since the game formally launched, there has been exactly one number cap increase which was at the start of Season 3, which was two years after the game launched. Now, with the end of Season 4 approaching, the game is approaching two more years without any caps being increased. Something needs to happen soon.
I do not expect much, given the current status of the gaming industry. I am not expecting more than the KD dragon level cap being increased, and some combination of either increasing the Honing cap (past 10) and/or raising the Quality cap past 1000 (with possibly ascending gear to Ancient Mythic rarity). That should not be hard to implement at all and requires no new assets to be created most likely.
For me, I just something to work on to keep me engaged.
I went back and finished up my Necro that I set aside to play the Shaman back in Season 1.
I have all but completely finished the spell page grind, just for something to do.
I have all but finished a total time and resource wasting task to raise one copy of all minions to Mythic, just for something to do.
So, while I do agree that the QoL focus has been great for the game, the caps of the game need to be raised again badly. Praying that there will be one at the start of Season 5, else I really do not know what else I can do to keep myself interested in the game for another year. The love of the game only goes so far, and the point of a live-service game is that the player should not reach 100% completion because that gives them the excuse to walk away satisficed that they have “won the game”.