option 3 for sure; only naive users believe that a lot of these 'delays' are specifically to make the games better. often they are to avoid certain competition, to fix really awful errors that would make a game unplayable (that's not a bonus that's expected), and in some cases they are used to get people more excited with promises that never end up happening. 'we had to work these extra 3 months to give you guys the game you have been dying to play!'
occasionally obviously the game will be fantastic and you can attribute it to the extra time point in, but rarely does that seem to be the point. in fact I can't think of ANY game in the last few years with significant delays that ended up better than was expected or where there was something 'extra' about it where I thought to myself 'wow I see what they were doing those extra months or even year'
again, the only reason delays are becoming so common is because developers flat out lie to get people excited. they give extremely early release dates with promises of awesome content, and when there unrealistic goals to not come into place say they are 'improving' and 'adding' things to an already great game. the reality is that they are in crunch time most often of these instances, with substantial problems to their games
don't fall for it
so the last answer, obviously there are genuine cases but when a developer keeps delaying a game with the promise or excuse that they just want to give you an ultimate experience that should set off red flags. because they've already half lied to you in the first place
