There are two aspects though.
One, rewards. At this point it is flat out disingenuous at best to say nothing ia lost for ftp as we really dont know how it will shake out.
Two, content access is basically lost when 3 or 4 fears are behind a paywall. If you dont happen to have all tuskens, for example, if you dont pay for the pass or the new character there point in doing the content as you cant get a single reward. If anything they should be looking to make content more accessible, not less.
Before, having the proper faction was 1 of 4 feats. You could still max 3 feats, now? No faction, no cash, no feats. Maybe this is a rare gc where it aligns this poorly or maybe not. It is too early to tell.
