The biggest difference is that Phase 1 (And Phase 2) had a slew of stand alone hero stories.
And Phase 4 has really only Shang-Chi when it comes to stand alone hero story. And Eternals- which is technically a stand alone story, but also has an enormous group of characters on it's own. And then it has a LOT of sequels - which are fine, obviously. But feel more like a bridge between what came before and what's coming next. The endings of Spiderman and Dr Strange didn't feel like definitive enough for me? They just felt like a pitstop on the way to... wherever. I think that's why there's such a air of "Where the hell is this going?" in MCU conversations.
The importance of standalone Disney+ shows like Moon Knight when it comes to the films at large, remains to be seen. Like... why introduce him in a series instead of a film?