Let's ignore all the issues Fallout 76 may have for now to focus on just one single thing, the graphics.
When Fallout 3 was launched the game already looked dated and more than one person pointed how ugly the game was. Some fans dismissed it saying that's how Elder Scrolls game always looked, almost like a badge of honor.
Still, I don't think anyone praised the game for its graphics and now we have the same graphics 10 years late on a triple-A game? I felt like I was looking straight into an Xbox 360 game, an ugly one to boot.
My theory: Bethesda wanted to jump on the survival genre when it was popular and decided to make 76, several years the genre is not that popular anymore and they decide to release the game anyway to at least recoup some of the cost of making it.