There aren't any drops of full weapons and armour, just parts. Some of those parts are rare and you'll have to kill the same monster a few times to get it. There are some nice touches like having to attack the head to get fangs to drop and stuff like that. Higher level weapons play the same as lower level weapons but might have things like poison attached to them and more damage. There's no randomisation in what weapons you get, though. You'll be planning ahead and hunting for specific materials to make specific things. Also no concerns about bag space and things like that. A really nice thing is that they allow you to make, save, and rename a load of loadout slots so you have a lot of room to experiment with. I can't remember the exact number but it's a decent number or slots.
The game is kind of bare in terms of story content. World content isn't bad but you'll become familiar with it all very quickly. There's a decent selection of monsters but they're mostly all dinosaur type things. The worlds are more like large mission levels than worlds. There's only a few of them and you can run from one side to the other in a matter of minutes if you know where you're going.
You start with a basic weapon of every type and each weapon plays differently. There aren't any stat requirements for weapons so you're free to craft what you want so long as you have the money and materials. The content is really in the weapons and armour you can craft. There's not really a reason to craft everything but there's enough of that stuff there if you're the collecting type. There's a pretty good number of armour sets, though they do double some up later in the game. I'd say there's a good level of content as far as weapons and armour go though. I'm not sure how it is across all platforms but there are also events to get skins of characters like Ryu and Dante, as well as special weapons.
You also have a cat sidekick with weapons and armour you can make, but a lot less than is available to you. Still nice to be able to customise them. Every time you takedown and skin a new monster, you'll be shown new armour sets you can make for yourself and your cat. The cat is there to help if you have less than two real players with you.
Personally, I got a lot of playtime out of it, but I can understand that it might be too repetitive for some people. It's absolutely worth a try though. I think there's some decent "That was pretty cool" short-term enjoyment moments. Once you've seen it all it's really about that gear grinding.