I disagree, they'd make way more money releasing the game to a wider audience and continuing the strategy with a larger pool of customers.
Though the incentive to release is definitely weaker due to them making so much money prior to official release.
That supposes there is a larger pool of customers to be had. Putting this in B2B terms: what % of their TAM is already "in"?
Releasing the game costs money and their money making strategy remains the same after release
There is no incentive to deliver anything other than digital collectibles.
Who will play this game that isn't already playing it?
Me?
I'm watching from a distance.
There's a good chance they sell more collectibles on the idea of the game than the dismal reality of whatever they finally release, assuming they do ever make a real release. Right now the game could still be anything. (Even though in reality, it's nothing but a buggy alpha.)