Your comparison assumes that FPP is the toy bicycle, and somehow inferior to TPP. When it's not.
A better comparison would be "you imagined getting a car, and you got a motorcycle"
I feel that TPP is more suitable with today's technology.
Being outside your character's body allows you to transition more smoothly into cutscenes, bypass the feeling of
having no legs or legs that your character does not really control, and make you feel what your character is feeling because you can see their faces. If you're invested in them, seeing their faces makes you empathize
with them and feel what they feel that much more strongly.
The reason I qualified my statement with 'Using today's technology' is because there is a gap between what CD Projekt Red can put on a screen and the human-computer interface. If I'm in a character's body, I'd want to be
able to look down and see my hands and feet, shrug my shoulders, wiggle one finger, wiggle all my fingers and toes, etc. Being in the third person perspective allows me to bypass all that. It allows me to pretend I'm watching a
play, and by getting invested in the character, BECOME the character.
Just moving the camera in so that I'm viewing things from my character's perspective cannot perform the work required for us to make that leap of imagination. The developers cannot make that leap of imagination for us; we
have to do it ourselves, and by constraining us to the character's field of vision, they are just making it more obvious that the world they have constructed is not real. By going closer to a flaw in a diamond, all you are doing
is magnifying it until it becomes a great gaping crevice.
Better to zoom out and let our imaginations go to work, just as the masters of old knew to do with theater and movies.