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Manor Lords is off to a flying start on Steam, just hours after its early access release
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Early access is extremely effective, when used correctly. It lets smaller studios get an income stream a lot earlier, which helps significantly. It also lets them form a tight feedback loop with fans. They can find out what works and what doesn't. Some examples of it working well would be Rimworld, Kerbal Space Program, and Factorio. All released as amazing games, primarily due to early access.
Unfortunately, a lot of companies seem to be abusing the idea right now. Particularly bigger studios.
Yeah plus from a consumer perspective it's nothing special.
It's just a buggy release, only the bugginess and unfinishedness is known and openly announced. Which makes it more earnest, of course. On the other hand just like with any other release you have 0 guarantee or influence over whether missing features get added in the future and/or bugs get fixed. If the content is worth the money asked it's a buy, if not it's a wait.