Their excuse is that they're too big to fail. We see it all the time with big named companies. They can take a loss that a small upstart company cannot risk. And I'm not just talking about indie-devs and their games, but anything. Like the amount of food wholesale grocers waste is nuts, but if a small grocery shop did that they wouldn't be able to sustain themselves.
For everyone recently commenting on the slow update churn and pandemic, I do believe that covid threw a wrench in their plans. But to what degree I don't know. Still even without covid, like you all had mentioned, they didn't even have holidays loaded. This isn't a mobile game so it should had came with those events already preloaded. There's no way they spent 4-3 years and all they had to show for it was their barebone launch.
They had delayed the game once by like a 1/2 year so I'm left wondering what they did in those 6 months. Every now and then, I also wonder if they got to a certain point, saw how crazy the sells were (partially due to covid) and figured they had made enough of a profit so as to not bother with the updates/schedule they had in place.