Personally, I think the game was released a year premature. I think the engine is solid and the game runs well overall; however, there is a deficit in overall content that makes me think they had to compromise to hit a delivery date. The polish is there, so you can't fault Bungie for production value.
I can think of four scenarios with operate under the assumption that the lack of overall content was intentional:
1. Bungie itself came up with the idea of splitting off content into DLC for the purpose additional revenue. If we ever find out that is the case and Bungie purposely released a game that is 1/3 of it's original self, then I'll never buy another Bungie title.
2. Bungie was pressured by Activision to split off content into DLC for the purpose of additional revenue.
3. Activision, and by extension Sony, pressured Bungie to get the game out on time, therefore causing Bungie to throw stuff out in order to meet deadlines.
4. Bungie made a subpar game. It wouldn't be the first time that a subpar game sold well simply because it came from a AAA developer.
I'm sure I'm going to get some hate for this next statement, but I wish Bungie had never left Microsoft. I like that Bungie got their independence, but maybe in this case there are worse things than working for MS, and that is working for Activision.