It’s a lot better, but it’s not Fallout 5, which is what I think a lot of people – including myself – actually wanted.
If you wanted to play a game in the Fallout universe with some of your friends or your spouse or something, then, yeah, I can see Fallout 76 being a legitimate fit.
But Bethesda built up a fan base around a franchise that liked playing an immersive, story-oriented, highly-moddable game where the main character is kind of core to the story. They moved to a genre where xxPussySlayer69xx is jetpacking around, the story couldn’t matter much past the initial part of the game (since the point of the online portion is to have people replaying relatively-cheap-to-produce content), that couldn’t be modded much (to keep balance and players from cheating), and where the player’s character cannot matter much, because there are many player characters.
They did make some things that I’d call improvements, like shifting away from PvP (the Fallout 76 playerbase has not shown a lot of enthusiasm for it) and reducing the emphasis on survival mechanics (it turns out that focusing a lot on gathering food and water can kind of detract from playing the rest of the game if you have limited time to play with other people).
But Fallout 76 just fundamentally cannot be Fallout 5, because it’s aimed at online play, replaying the same events over and over. It can be a lot better at being an online-oriented Fallout-themed game than Fallout 76 was at release, and they did that.
People complaining about, say, the lack of human NPCs in the initial release are complaining that they want that kind of single-player-oriented game. Bethesda put some in, true enough, shifted things a little towards earlier games in the series. But they have not and were not going to convert the game into Fallout 5.
There have been franchises that have spanned multiple video game genres. Think of, say, Star Wars. But I’m not sure how often there are long-running video game franchises that shift to other genres successfully. If Capcom decided to make a 4X Mega Man game, or a dating sim Mega Man game, I’m not sure that things would go well.
Granted, Fallout 76 is closer to earlier 3D Fallout games than a hypothetical Mega Man dating sim would be. But I think that there are some important, not immediately-obvious divergences from what made the series popular.