For those that remember, Bannerlord's combat back in 2020 was painfully gimmick-based and surface level -hence why so many singleplayer bot farmers (and/or people who only played 5 hours of Warband mp before permanently ragequitting) were able to suddenly burst onto the scene and compete eye-for-eye with (and in multiple cases outperform) veteran Warband players.
Since that time, Bannerlord's combat has thankfully improved, becoming more grounded and skill-based with ever increasing tech, and while it's still a long way off from Warband, at least it's trending in the right direction. That said, the swing arcs are still brutally bad, there's still no justification for adding directional shield blocking, and the struggle to properly balance utility classes (cav and archers) continues to this day.
I think the reason it took so long for the developers to begin straightening out the combat is because for a long time they had the, uh...let's just say wrong people in their ear telling them what was good for the combat mechanics. Unfortunately, they gave this small minority of self-serving malcontents too much sway in their mp suggestions, and so for almost two full years no real progress was made.