Most of sot's issues are social/community issues.
The people that avoid the forums and the discord servers and the twitch chats and reddit have an alright enough time, maybe even a great time.
The cheating thing does effect small population areas more than others but most people aren't experiencing the obvious cheating, especially with how many avoid HG in general from lack of interest.
A lot of the other stuff comes right out of content creator communities and much of it is just flat out used for attention/engagement. That doesn't mean criticisms aren't valid out of those areas they are just exaggerated and escalated. There are people from those areas that repeat the same narratives over and over no matter where they are commenting on. Rare posts some random thing and they go right to "what about anticheat" or "what about this or that"
The 2 main issues are the same 2 main issues that have always existed. It's very difficult for many to create and maintain a long term crew in this game because of time, compatibility, scheduling, interests/goals and this game markets to and brings in mass amounts of people that are not going to enjoy what pvp looks like in this game and how the encounters are with pvpers.
It's 5 years in, another couple with be 7 which is a wild run even if that were the end.
The performance issues stink for higher performance play, completely understandable frustrations there but that isn't affecting most in the way it does the ones tied into the social areas with higher performance.
They've struggled to maintain the "your story" goal. They gatekeep cosmetics but all that really does is what exists, a bunch of people that took 3-4 years off the game that have some old cosmetic. Overview stats, Captaincy being so inconsistent and nerfed, logbooks being so sacrificed, this stinks for those of us that are into the long story but the reality is very few of us exist these days with that focus.
It's not perfect and it's very very frustrating for some but my guess is they are doing much better that people think they are, business-wise.
Feeding into social hierarchies and content creation/social media so much for so long created a reap what is sown situation socially, sot is very twitterfied socially these days, but anyone can just avoid all that drama if they want and play to have fun outside of that.
If all the pvp-all day players quit like they are regularly talking about all it does is open up more pve opportunities which creates more activity, understandable to be frustrated when one's style is going through a game struggle but the game isn't dying just because the experience is changing/ending for some of us.