Ok. Now this is subjective .... of course .. but I will give you an answer to your question.
What is a finished game these days? ( Not a 100 % finished game ... because I never said that was needed)...
A finished game needs: a decent beginning .... a middle... and an ending.
An end game where you really feel like it's worth putting in the effort to get there.
Right now, Bannerlord's so called 'end game' is so deeply broken and bland that it might as well not exist.
Bannerlord's 'end game' is so bad that instead of inspiring you to reach it... it actually does the opposite: it makes many players want to quit, uninstall the game and wait a year for modders to fix it.
So yeah.. what is a finished game these days?
A game with a proper beginning , a middle, and an end to aim for. Even with lots of bugs and some missing features.. you still need those three stages working decently ... that's if you want your product to be taken seriously.
Bannerlord lacks this even now. And that is not ok.
(Even by the very low standards of 'modern gaming').
Just to clarify, I asked you about a 100% finished game because you simply mentioned it as if it was something that actually exists, not because I think you imply it should be reached.
So the way I read what you said is that whether a game is finished completely hinges on whether it is done well enough or not.
But I would say that this is not the case at all. What you say determines whether the game is good or not, not whether it's finished or not.
The things we all gripe with have less to do with the game being finished, and more to do with it's quality. It makes for a bad or flawed game, not necessarily an unfinished one.
Bannerlord has a beginning, a middle and an end. They are all there, they exist. But the end game is simply done badly. It's not unfinished. It's just not that good.
Being unfinished would mean that there's still development they intend to do to significantly flesh it out and bring it to a good state, but honestly, I don't think that's the case here. I think TW is more or less happy with the gameplay loops, and any changes they will make going forward will be small ones that will not fundamentally change the end game. They might improve it somewhat, but I think the broad strokes are already finished, even if they do not meet out expectations at all.
That's the way I see this.