What is the status of this game content wise?

[Rampage]

Would you say it’s closer to 20% finished or more towards something like 80%?

[HangarPilot]

I can't offer an official answer from the devs ... I do know they are monitoring discussions and may chime in if they have the time.

Shooting from the hip, my impression is around 50%.

1) The game was recently rebuilt from the ground up. The game map grew 50x its original size and became a very interesting "procedurally generated done right" map (islands are hand-drawn but populate randomly in the world). According to an interview I read, the finished game will be about 200x (which means you can currently explore 25% of the finished world).
2) There are dungeons with bosses and currently you can defeat 2 of them. From the looks of the "boss stones" there are probably 2 more planned.
3) The basic functionality is in all place. You can build, explore, battle ... but there's almost unlimited potential to add more items to build (and they just dropped some new build items and seasonal items before Christmas) or more areas to explore.
4) Additional game features and QoL will no doubt come, as will more story/lore. The dev said during the launch stream that we may be able to piece some of the story together, but won't be able to put it all together until the final release.

All of that said, my impression is that the foundation is in place and it's just a matter of expanding and filling in the world. While you can theoretically just play causal and build and not even take on the bosses, I'd estimate a typical "playthrough" to defeat the two current bosses at around 20 hours or so.

I've run into a few bugs that are generally fixed by exiting and reloading the game. Super stable, no crashes!

[Rampage]

hmmm... not sure how I feel about a dev wasting time on holiday nonsense when his game isnt finished yet...

[HangarPilot]

Well, the update included a good amount of new build items, gameplay improvements, and bug fixes. All-in-all a very respectable update on top of all the other recent updates.

The introduction of a "seasonal" store was obviously pre-planned since there was a "spot" reserved for it in town.

I suppose one could make the same argument that adding curtains as a build item is "nonsense" ... but being able to build and be creative is why some people play this game. Me, I tend to build what I "need" and don't tend to "decorate" ... but I'm totally support players who want to do that.

Regardless, it seems to be a popular trend to do "seasonal" items and/or events in games now (i.e. Valheim, The Long Dark).

In the "for what it's worth" department, the dev said during the launch stream that now that the "rebuild" of the game is complete, a new roadmap would be coming out in the next few weeks. Maybe that will shed some light on their direction/plans/timeline for you.