I think really the main thing holding back Redfall is that they tried to make it a looter shooter, when it didn't need to be one. Maybe if it was a good looter shooter things would be different, but the loot system is painfully basic, there are like 3 Pistol types for instance and rarity tiered versions of each with higher rarities adding a few attachments. Whoever heard of a looter shooter with only a few hundred possible weapon variations, compare that to something like Borderlands or Diablo and it is truly sad how basic the loot system is.
This game could have easily been an immersive sim like Arkane is known for, drop the loot system and tie unlocking new weapons to main and side story progression and put in a weapon wheel for choosing between each of the weapon types. They could have kept the co-op and the 4 characters and fleshed out each with deeper skill trees, tied skill points into a collectible system that plays to Arkane's worldbuilding strength instead of an XP system. Implement a proper stealth system. Redfall could have been a much better game if they stuck to what they are good at, immersive sims, instead of making the world's most basic looter shooter.