I (mostly) agree with you, and I think it may go further as to why TOS was released when it was.
For months IMC has been non-stop hiring staff, starting in March. That time frame in particular is interesting as it’s right before the ITOS launch, and after KTOS had been out for a few months.
The idea is IMC didn’t have the adequate funding to fully finish, or continue developing TOS (at a reasonable rate) so they were forced to release it early. For those who watched/participated in the CBT’s, they knew the game simply wasn’t ready. The optimisation problems, the exploits, even some of the balance issues that would really stand out later in development, they were all present months before the full release, in both KTOS and then of course ITOS
IMC being under staffed makes a lot of sense, it even explains their decision to have Nexon, X2Game, ChangeYou, ect. publish in their respective regions. So what I think is IMC was struggling to get the funding they needed, were “forced” to release the game early and then after the fact go back and fix underlying issues and hire more staff members.
Tree of Savior began development, in 2009, (though I’m sure for many of those years it was just notes and concepts), but still it began draining resources a small, new, fully independent company may not have. Yes IMC had Granado Espada but it was published under HanbitSoft, so they still have commitments to them in that regard. Now we have IMC begin development of TOS, Wolf Knights, and Mobile TOS, one or multiple of these could easily run into expensive issues that a small company couldn’t account for, MMO’s are very expensive after all. With the success (at the very least initially) of KTOS, ITOS, JTOS (and others) it looks like the game overall has been a financial success, (though we might have to wait til February 10th to see in more details).
Overall, IMC may have over extended, maybe they were dealt a bad hand, but either way hiring staff is clearly a priority so I suspect they are now making the necessary revenue to try and get the personnel they’ve needed for a while.
Then again, this is all guesses so who knows what happened behind the scenes, maybe it’s funding, maybe it’s unforeseen issues, maybe it’s incompetence, maybe it’s a little bit of everything.