I agree that Bannerlord is disappointing and incomplete in some aspects (Diplomacy, dialogues, lords and companions, traits, criminal gameplay, lackluster armor protection against projectiles,etc.), it's a ****show that the MP servers are still unstable for 2 1/2 years after EA release, and god knows that I myself have complained about several of these issues several times in these forums, usually with a suggestion for fixing them. But this is a good game (not a masterpiece by any means) that is fun and in my opinion, a better game than Warband in most places that actually matter like combat, sieges, character building (though this is probably a bit controversial), trading and economy, while arguably (not definitively) worse in diplomacy.
I do hope that the devs will fix and improve the worse aspects of the game, especially diplomacy and bring more life to it, but this game is by no means "one of the biggest frustrations that a community has ever experienced" by a long shot. The game is rated 87% positively on Steam and rated overwhelmingly positively on many other platforms, it has a large number of concurrent players (#20 - #30 most concurrent players consistently since EA) and has been enjoyed by a lot of players.