For an initial release yeah, but no real reason for them settings to not exist (in an advanced section if they are too scary for people), people are making their voice heard in the right channels though, so we just gotta hope Valve implement them.
It works pretty well, but kind of barebones at the moment, a lack of advanced audio and video settings lets it down.
The timeline feature is great though, being able to easily watch back your gameplay in real-time as it records.
They need support for multiple audio tracks, other codecs, resolution options, framerate options, different bitrate options.
Also recording to memory absolutely needs to be an option so I'm not wearing down my disk by constantly writing to it.
Halo 2 Anniversary should have kept the old sounds. A lot of the art was done in the shitty Halo 4 style too instead of the original Halo style. Blur absolutely smashed the cutscenes though.
You are right, it does provide something. I just personally don't value it over a more typical online co-op setup. I just wish options weren't scary and implemented more.
Its just an arbitrary mechanic added to justify an always online requirement. Helldivers had an offline option. There's still a game there without the need for "community involvement", the missions etc could be completely random or seeded for people who dont want to connect to a server.
Its always sad to see potential great games ruined by greed.