I think the most exciting thing the Traveler has done was scold Rhulk through a ghost. There has to be more to the Traveler then being just a set piece at the Tower.
It's archenemy is closing in...does the Traveler have a battle plan? It obviously can speak through ghosts...so why doesn't it more often? At the very least why hasn't the Speaker's Mask been repaired and utilized by someone. I'm sure Ikora could pull it off.
I hear Zavala going on about the Traveler constantly but it doesn't seem to be a participant in the story.
Come on Bungie, can the Traveler do something that proves that it's in this fight with us? Something unmistakable.
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The Traveler appears to mainly act to deny the unworthy the Light, or at least those that don't fit the criteria outlined in the Red War and reiterated by Savathun and Eido. Even when it was trapped, it did not act until Ghaul actively took the Light with no sacrifice. As long as it's safety is ensured, it won't act. Rhulk tried to tap into the Light with the intention of turning it against the Traveler/Guardians, and was denied. Savathun displayed bravery in opposing the Witness *with Rhulk situated in her own Throne World*, and sacrificed herself in exorcising her Worm to deny the Witness' Sword Logic. Traveler did nothing when Savathun tried to move it, because although Guardians may have been crippled, the Traveler itself would remain safe. Moving forwards, I imagine the Traveler will continue to actively deny the unworthy and uplift those that fit the criteria to ensure its safety. If Calus attacks in Lightfall, or Nezarec returns and decides to surplant both it and the Witness, the Traveler will act.