If it wasn't for the launch-day banner on the Steam store, I would say we're still in that phase. So much work still needs to be done to get the game into a true releasable state, work which has been piling up since late 2019 faster than it has been completed.
Quite a speech, I'd say it's describes Bannerlord in a nutshell. Nothing in the game makes sense right now. Policies play 0 role in a Kingdom's life. Change of the ruler makes 0 changes, one AI changes another.
We have different notables: traders, artisans, criminals, but what makes them differ from each other? Quests? If you help criminals too much, they won't take over the market, the city's prosperity won't go down... Help artisans too much, and the market won't become overstoked with produced goods. NOTHING will change.
We have good lords, bad lords, evil and kind ones. Will a kind and honourable lord release you after the battle you lost, because you fought well and it will be an honour to cross the swords with you again? No! They'll take you as prisoner just like an evil lord would do and demand money for freedom. Will the coward-lord surrender or run away, because they feel that luck does not favour them today? No, they don't even know what "surrender" is. Still, now the devs may call the game an RPG.
We have a voting system, so we could participate in a Kingdom's life, make some descisions, etc. Can you actualy influence anything? No. You can put 150 influence points to the descision you want to vote for, but it won't work, because all other lords voted 20 points for other one (and their traits are hardly taken into account once again!!!!). As a King you can hardly decide anything, except for cases, when you have thousands of influence points to spend. Also being a King cuts you off of some quests, but offers nothing in return. But now the devs can write about "Kingdom creation and management" in the description.
You can buy a workshop... Well, to have a random profit gain and lose it as soon as the town gets captured by an enemy. You can't affect they work anyhow, you can only sell them or change production. Upgrading them? Helping your workshop somehow? Dealing with competitors? Forget it. The only way you can raise the trading skill is buying a thing here and selling it there with a huge price difference. Caravans, workshops never raise your skill. Yet, now the devs may tell that "you can be a trader" in their game.
The list may go on and on and on, I didn't even mention the small things like not being able to escape from a town while being recognized by the guards (as we did in Warband), no feasts, no lord rivalry, no anything that would've added some depth in a shallow gameplay. I was an optimist, but, at the end,
@MostBlunted was right all along, when he said they would release an unfinished game and call it a day. Well, here we are.