I think the basic design of the d100 combat system is sound (even with the 40 levels and incremental changes and all that), and would be more fun as tactical combat than it is right now, it just needs a lot more refinement, tweaking and polish, and a bit of restraint and containment. (And maybe yes, some of the levelups that are wasted on incremental changes could be spent on more interesting abilities, like crouching/prone, things to do with cover, more clever tricks to do with melee, etc. - basically more simulation.)
Also in terms of the story, reactivity and C&C, the game feels more unfinished and undercooked than either PFK or WOTR were on release - they were at least mostly finished, they were just buggy; this feels both unfinished and buggy.
I think also, realistically, the game doesn't really feel like an adventure/empire-building game, which is what I thought it would be - that side of it is relatively small. I would prefer a lot more star systems, a lot more weird handcrafted random encounters (which are some of the best parts of the game), more space battles (with progression to bigger ships) and a lot more of a sense of building something empire-like. Then in that case, without having to stretch out the story too much into a typical Owlcat slog, you'd have all that extra content to just noodle around with, and fill out the 40 levels in a more relaxed, less pell-mell way. It would give the game a more long-lasting kind of appeal. The elements are there, there's just not enough of them, and/or they're not integrated or fleshed-out well enough.
There's just something wonky about the way they make their games. They are good designers, have good ideas and the art design/graphics/audio implementation is great. I suspect there must be some structural and/or business reason why they keep full-releasing buggy messes.