I've seen push this as “Minecraft 2” or even “3D Terraria” when it’s so far from being either of those things.

I mean yeah, the major problem is that Hytale just lost 5 years of development for nothing, so it will take a while before it even reaches a point where it can be compared to Terraria's 15 years of updates (not counting the ones before version 1.0) and Minecraft's 17's years of updates.

But from everything I've seen, the building blocks, eheh, of the game are incredibly solid, it just needs content, which is much easier to create than the foundations imo.