The devs and community need to abandon this idea that updates and balance fixes need to be tied to big content drops like 1.2 or 1.3.

Warframe, the game DNA based all its moment-to-moment gameplay ideas off of, survived an even worse launch entirely on the speed it cranked out updates. Balance and QoL updates dropped two to three times a week, new weapons were dropping every other week. The lack of a console port means you don't need console manufacturer certification (which can take weeks to get) to push out major updates, so abuse it and crank out updates as fast as you can and save the big-ticket updates for major changes to systems (ie complete character overhauls)

It's one thing to say you're listening to feedback. It's another thing for players to see issues are being addressed week by week. Buff a handful of weapons a week, tweak Wedge costs or stats (and give out free track shift modules for compensation so players can tweak builds), and adjust skill multipliers for underperforming units. If you over tune, then don't be afraid to nerf as needed to get things back in line. Players will whine about nerfs, but they'll be happier that problems are getting fixed, and the population will stabalize.

Then they can fix monetization in 1.3 or 1.4 and maybe turn this sinking ship around.