I work in game development, and how it usually works is this:
The producer and game director make sure development remains on schedule, and decide when certain milestones should be reached. Once the game nears completion, a deadline is set, and a certain amount of time is set aside for QA testing and bug fixing. The amount of time set aside for this is mostly a financial decision, because the producer has a release date in mind (such as, before xmas, or before half the team goes on holiday).
During the final phase, game breaking bugs and progression blocking issues are fixed first. It is extremely rare to ship a game without any bugs, but at the bare minimum, the game should not crash, and it should be playable from beginning to end.
It seems to me that CDProject Red understandably wanted to make the xmas deadline, and capitalize on the release of the new generation of consoles. They had already pulled some crunch to finish the game, and now it had to be released, no matter what state the game was in. It is unfortunate that they didn't push the deadline into next year, to fix some of the bugs a lot of players are running into now.
I know what it is like to fix bugs during the final crunch period of game development. Lots of employees pull all-nighters to get it all done, and you know you won't be able to fix everything. I don't presume malice here. As people are tired and stressed out, sometimes someone will submit the wrong build of the game, or accidentally reintroduce a bug that was fixed. Eventually you run out of time to retest everything again. Some bugs may only occur on ps4, ps5 or xbox. Plus every new build has to be submitted to Sony and Microsoft first, who then also have to approve it. It is not a matter of simply pushing out a fix. There are lots of steps in between. Compiling the game in between submissions costs a lot of time, and baking the levels every time someone makes a change costs a ton of time too. Bug fixing is tiresome and time consuming. You can't spend another year on fixing every bug, and you hope to fix most of the worst bugs before release. But as people do crunch, they get tired, and become more prone to making mistakes, which again costs more time. At some point you just have to ship the game, no matter what state it is in.
What they attempted to do here is make a really complex game, and it turned out to be more work than they anticipated. This is not some greedy cash grab. I know some of the people that worked on this personally. This is the final product after months of stress, hard labor and passion. It is a shame that many players are frustrated and won't see it that way. I'm sure the developers are equally disappointed. The last thing they wanted was for players to experience the game like this.