I'd lean to the whole thing being a fault of management structure and then genuinely just weren't' listening.
The investor call says exactly that. CDPR management (surprisingly) took full responsibility, and for that exact reason.
But one need only look at what they took responsibility "for", to understand what's coming down the line. Major last gen console optimization and bug fixes. And that's likely it. Nothing in the investor call assumes that CDPR management feels that there's anything else wrong with the game. When they feel that last gen console performance is "good enough" (regardless of visual appearance), that's it.
And Michał Nowakowski says as much on the call. Honestly, I find that acceptable. To an extent. It's acceptable to the extent that at some point AFTER they initially started development, the focus moved more to the upcoming next-gen consoles. What I find unacceptable, is any unwillingness to refund ANY last gen console user for ANY reason, regardless of vendor source. And I say that because they admit as much in that they FAILED to SHOW last gen console users how the game actually plays and performs on their specific console hardware before they purchased it. And that's on CDPR.
Once the focus shift to next gen hardware occurred, they should have immediately announced that decision to ALL vendors, who could then determine whether they wanted to continue supporting the game for last gen hardware. At that point it would be on the vendors. Not CDPR.
Nothing in the call indicates that CDPR thinks there is anything wrong with the game other than some "bugs, glitches, and optimization issues". There's no mention of the A.I., loot system, perk system, etc.....
So yeah. I'm not holding my breath for very much content-wise.