@moogle-mogg
It would be nice if we were getting cooler, much nicer gear. But really we're just getting the exact same gear in an alternate color. Most of which we don't unlock until we're at least Rank 36 with the related faction. That's more than halfway to legend before we unlock anything.
The thing with cosmetics though, for most people anyway, is once you get a look you like you don't typically change that. I bought the Bilge Rat Coat because I like the green and it's ratty and very pirate. I have yet to see another jacket in the game that appeals to me so I'm probably not going to get another one unless something really cool is released in an update. Considering the next update isn't coming for 3 months I don't see me getting a new coat any time soon.
What am I working towards until then? What else is there for me to get? I'm a couple thousand shy of the 70,000 I need for the sails I want, but again once I get those I'm not likely to change them. Especially because of how long it takes to get them in the first place. So after that I'm basically done.
What do I do next? What is there for me to progress to?
Sure you can say "you have to rank up to get stuff, that's literally progression." But if it's not something people want to progress to then what's the point? Why should people keep playing?
Rare has built an incredible foundation for their game, but it's still just a foundation. There's very little substance to this game other than hunting for treasure to grind rep for hours at a time or hunting players. The latter of which has created a huge divide in the PvE and PvP communities of this game.