Except you've left out a huge bullet point from that loop that has always kept me enjoying their games: quest marker->EXPLORATION->dungeon->vendor->crafting.

The procedural generation of this game immediately told me I wouldn't enjoy it (even though I hoped they knew what they were doing), because walking around Bethesda worlds has always been one of the best parts of the exoerience, and they went and optimized it out so that it's mostly a series of menus. And damn if that's not been their game design strategy for the past decade-plus—'optimize' out all the fun parts, make the game as simplified as possible, even if it means cutting out core features fans love.