I'd say it's a bit of both. I have the impression that they wanted to do a better Persona 4 but for me the characters feel more artificial and the game feels bloated in comparison. By wanting to expand on everything that made P4 so good, they expanded everything a bit too much for me. And reading the game lasts some 100-120 hours reinforces this feeling and makes me uncomfortable, which shouldn't be the case with such a beloved franchise.