Yes, the initial release of Fallout 76 was surprisingly competent in terms of storytelling and worldbuilding.
They did a lot with the premise of no living human beings. It forced them to be creative and resulted in one of the best worlds Bethesda has ever made.
Just like No Man's Sky, the developers lost sight of the initial point of their project. The game is probably a lot better for some, but for me, all of the charm is gone. Fallout 76 wasn't a very tolerable game to begin with, so now that it's a generic GaaS grindy nightmare? No thanks.