if this game had better graphics (not from 1994) it would be 1000% more popular and interesting
If the game had "better graphics" it'd be just like every other ARPG here and would get buried under everything else...
And probably not allowed on here considering how Lona looks.
The pixel art was a choice. And the result I find to be quite charming. In a day and age where most of everything is 3D rendered, pixel art is becoming popular again, as is the 2D drawn style.
Also consider that if it DID have "better graphics" development time would take a shit ton longer and not every dev has a rocket-powered rendering rig or the particular desire to implement "better graphics".
Your issue seems to be that all you've experienced has been high-quality 3D renders. Pixel art - especially good pixel art - is becoming a lost art. This game is fine as is.
Eccma pumps out updates at an astonishing rate. Now imagine if he used "better graphics" and how long it'd be between updates as a direct result. Keep in mind as well the abominable size of most games that use the "better graphics" that you seem to be in search of.
TL;DR: Graphics are fine. Game gets fast updates. No need to complain. Though the game may appear simplistic, it is a gem.