I agree with you about the game needing some serious fixes and more content. I think everyone does.
In my opinion, a vault space increase is absolutely the first most necessary step towards that. No one can play new content if there's nowhere to store all the new loot they find. In which case, the new content feels like a useless grind that ultimately ends up as a few hundred glimmer and some weapon parts.
I say, fix the vault space, THEN add content.
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You have way to much faith in bungie making rewards you would actually want to put in the 16 extra slots we're getting in the new vault. Four months and all the exotic weapons we got in the DLC are still total dogshit. They've shown they can modify stats easily, they did with fourth horseman in the last update BY MISTAKE. There is no excuse for every new exotic gun to be such utter garbage 4 month later. What we've seen of the 2 coming with house of wolves doesn't fill me with confidence either.