TL;DR this game is fantastic. If you like ARC Raiders, you love this (it's better)
For years I've seen Hunt: Showdown 1896 on steam and thought, "nah, don't like extraction shooters, it'll be really sweaty" so I skipped it. Turns out that was a massive mistake and the game is really awesome. In fact the longer I think about it, the harder it is to find a problem with the game (OK, the UI is the one catastrophic exception).
Graphics - It looks amazing, decent engine, lots of graphical options, runs well on modern hardware and it has a really cool and unique aesthetic with this kind of blend of plague/zombie/evil post civil war, alternate history set in the deep south / Bayou. The time of day and weather effects make the maps mood feel really different too. It's a visual treat.
Sounds - These are top notch. Sounds are high quality, they matter to gameplay, they play loudly and clearly, so they're distinct and they travel appropriate distances. The more you play the more you gain the ability to paint a picture of what the enemy is doing through audio cues alone. Healing, moving, reloading, opening doors etc. This will appeal to Arc Raiders fans and R6:Siege fans, there's also lots of environmental sounds (twigs snap under feet, crows startle, etc)
Gameplay - It's fun. The gameplay varies a lot, and that keeps things fresh. Mainly because there's so many different mechanics at play that each round feels unique. There is basic structure to a match and clear goals, but the rounds never play out the same in part due to the large amount of randomness, but also because there's a massive number of weapons, utilities and traits. There's always some lever you can pull in game that's not just "do I have a better/faster aim", flanking, distracting, sneaking.
Balance and fairness - This is what matters for long term play, it's really good. It's obviously mature. There's account/unlock progression for all the guns and traits, but these are lateral unlocks, there's no "better" guns, in fact the guns are really well balanced from what I can see, there's no obviously OP gun or character trait, everything has its niche or is a trade off of some kind. So far in 50 hours of play I have not come across anyone obviously cheating. Character prestige (resetting your progress and unlocks, is optional). Multiplayer ranking is simple, MMR it's a 6 star system based on player skill (what are the ranks of players you've killed, and who have killed you), team skill matching are just averages of those ranks. There's a large enough consistent player base to match you fairly in random lobbies, you win some, you lose some. There is no P2W, DLC and premium currency are used for cosmetics only.
ARC Raiders - I have to mention ARC Raiders because these games are similar. ARC is in serious decline player wise at <10% of it's peak inside a year. ARC was doomed to fail because extraction was their plan B, and it shows. A huge slice of the playerbase played to get "goop", but all that does is build you better gear, if you're never going to use it, then it felt pointless. In Hunt, the actual hunt comes first, along with the battle with other players you have for marks.
1) In Hunt the moment to moment gunfights are intrinsically rewarding. The guns looks and feel great in how they fire and react, gunfights are super satisfying. My general feel is that a match is boring if you sneak in, get a Bounty Token and sneak out without a fight. There's less gear fear because gear primarily cost hunt dollars and you earn more than enough with careful play.
2) The sound in Hunt is better. There...I said it. It has all the audio cues of ARC for player actions but it also has much more integration of environmental effects. Crows and ducks startle and give away positions, glass and tin cans make noise under foot. Chains jangle when you walk through them. It's all what you love in ARC but more. The only advantage I think ARC has is mic audio.
3) Round variety is significantly better in Hunt. It has the same kind of large maps with both indoor and outdoor areas, but randomized clue and boss locations as well as start locations and in game POIs like resupply carts make the flow through the map different every time. In ARC you knew where you were going before the match started. Fights would happen in the same corridors/rooms around high end loot like BPs.
4) There was a clear META to ARC, if you didn't run it, you were toast. Balance was generally not good, some guns were literally useless, some were OP. There just wasn't very many guns or useful utilities that meaningfully changed gameplay.
5) 3rd person in ARC rewarded camping. Camping is hard in Hunt, if they can't see you, you can't see them. Audio cues are an advantage if you're listening, but enemy hunters can counter that through their own audio discipline. Extraction camping in Hunt almost never happens, because Bounty Tokens dropped by killed bosses give extracting player the ability to see enemy hunters. Most of the reason you would camp such as when you have to wait for a dead boss to be banished, the compounds you're playing in tend to be complex enough that there's no easy set of rooms you can safely just stare at 1 door, there's always multiple ways in, defenders have to roam somewhat, check traps they've set, listen for enemies etc.