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.
It aimed for a very specific feeling. There was a sense of discovery and a dreading sense of isolation. It made you sit alone with your thoughts in between bouts of awe and wonder. Death was cruel and could be frequent, and the universe had nebulous rules which were never made entirely clear to the player. And why would it? You're in the mind of a dying machine.
Current NMS is an excellent space sandbox minecraft-lite, but the experience of meeting players ten minutes into a new game, and a focus on community events and progression strips away that feeling of isolation.
It's mostly fine. The game has a much broader appeal to match its marketing budget. The game was just obviously aiming at a much more niche audience initially.