You have to remember that the original M&B was very lacking also, it took quite a while for Warband and then for it to develop over time it didn't just happen overnight, game development is not easy and if you had the slightest inkling of the amount of work it requires you would understand at least to an extent the current state the game is in.
I think for what it is currently it's no so bad, obviously it's missing content, AI and sieges needs serious work etc but there is still quite a bit of content there. As for full modding tools these will also come with time, no point releasing now as the game is still in EA. With mods my playthroughs have been mostly fun but if your looking for a full complete game then it's quite simple just wait until it's finished.