I'm an opinionated person, so I'd like to jump in on this discussion.
I think people are getting this idea that there isn't any content because it's simply so easy to do everything this game has to offer. Looking at Girl Life, I tried playing legitimately and getting money when I could, going to school, following my parents, etc just to build up and get to all the "good" stuff. But it got extremely tedious. It's cute for a bit, but when I'm on day 55 and I happened to gain a little weight and now my clothes don't fit and I have to go to the store and buy new clothes or get mine resized, I just get kind of irked. Especially when I have to go into 2 sub menus just to realize my character is currently dying of thirst. So I instantly turned on basically every cheat I could and did what I want to reach the content I was after.
Conversely, New Life spouts a quick tale of genderswap, and now I'm plopped into a world and can instantly go to a bar and have sex with a dude. And even then you can still play off a story. Dressing up your character. The guys you pick. How you react to situations. There's still stuff there. However, unlike Girl Life where you had to spend 3 real world hours to get fucked by the dude in your class, Girl Life just demands you get a job and then your boss starts ogling you.
I think the worst thing about New Life is just how much content is locked behind very specific circumstances. It feels very difficult to unlock them, even when you know exactly what you need to trigger them, since there's still that element of chance. Like getting the Tonya event to trigger just feels like a battle of patience and trying to get all the right pieces into place and it still not working when your guy just happened to also be boastful.
I think these events are cool for repeat playthroughs, but even now they feel rather difficult to get triggered. Other than that, I do think the content level is currently fine in New Life, it's just so easy to get to (outside of the extremely specific scenes) that the content feels small.