It's not that bad. Ok, maybe the bar has been lowered so much that I settled, but at least it's at the level of UFC Undisputed 3, now that there's "a" rivalry system ("bare-bones" doesn't do it justice...).
It's been said several times by now: they made all the assets and put in work but it's so poorly used one can almost cry. Like there's a total lack of coordination. One team/employee made the extra hairstyles, one team the animations/videos, one the menus, one the extra arenas, and in the end it's just mashed together with little thought or vision. The overall balance and stat progression seems fine, but it's crystal clear not a single soul playtested this.
But why not just double down on it and say: "it is what it is, we're not fixing it". As I said, it's not that bad and presentable imo as a "mode" which (clearly) isn't the main focus of the game. But so far, it's their best attempt.