Many comments have been made about the competitive aspect (or the lack of) ...

I see it as fitting the idea of playing games for fun -

1. I like exception-based games (cards, miniatures). They have an extra element compared to standard 'family' games with a fixed rule set. If they are well designed (there are many well-designed games to choose from), they have depth and lots of replay value. Most exception-based games have a deck-building aspect, that is part of the concept. Unfortunately, it is the reason that sometimes those games stay on the shelf even if somebody wants to play - he needs a partner. Each of the two must spend some time to build a deck/list. Building a deck is a single-player experience. (Exception: Dominion.) Instead of building the missing deck, why not play another game where we can play together immediately? Keyforge: always play immediately.
2. In other games, you can take a pre-build deck/list. However, you always fell slightly disappointed because you realize that this is not the optimal way to play. There are more cards/boosters/expansions/etc., and those would certainly (further) improve the deck. The decks always play out sub-optimal, and both players know it - rather play a complete game? Keyforge: no, you can't improve your deck by any means, the game is complete.
3. Setup time: very short. A few tokens. You draw the tokens from the box when you need them.
4. The goal is not to crush the opponent, but build up your keys. You don't run out of cards but can reuse the discard pile. If the game is long enough (maybe not), defeated creatures reappear. This is going a long way against (younger) player frustration. You may switch decks. If a deck wins too often, it gets a penalty - excellent for a fixed group of players.
5. If you get bored, take another deck. Obviously, this is the business model. The designers have to make sure that you don't get bored by the game itself, or it would quickly disappear. The question is, how many decks do I need? I guess that the variety will even out as soon as several decks are available to choose from, depends how often the game is played. If an addiction factor sets in ... well, then it's clearly a good design.

In short, we'll try this out when it appears.

Competition? It raises the perceived value of a game if there is a competitive scene, so FFG will try to set this up. I'd say that's optional.

I see things pretty much as you do. However, I would say I’m a bit more focused on the competitive side.

I see some interesting possibilities in the competitive scene. Imagine being the player who piloted their deck to the world championship, not some deck distilled down to 36 of the best cards in the game that is virtually identical to 20% of the field, but your unique deck. A deck you then retire to start anew with another, or if it’s your thing maybe you sell it on eBay for a profit. I’m not really into the money aspect, but it would be fun to follow your former deck on the app to see how it’s new owner is doing with it.

The most important aspect of a game to me is the amount of enjoyment I get playing the game which requires a vibrant community. The games mechanics seem to provide enough decision trees to keep people interested in it for the foreseeable future. Of course only time will tell if it has enough meat to keep people coming back for more.