I do honestly believe that they are attempting to make the artificer a dedicated spellcaster. Even as a half-caster. A dedicated half-caster? Its kind of like a mirror of warlock, in much the same way that paladin and ranger are mirrors of each other. Paladins smite, socialize, aura, etc. Very tanky. Ranger uses the longer lasting Hunter Mark and similar spells for spreading out damage, they're skirmishers and are perceptive/insightful instead of social.
Meanwhile, warlocks are very limited in spell slots that go up to 9, but have at-will Invocations and best cantrips. On the flipside, artificers have low level spell slots... but have the RMI to get more. Replicating wands, that ring, getting ring of spell storing, swapping for more wands, etc. And, at level 5, you get Homuculus Servent, who can use those wands for you too. This makes Artificer the only class that can truly doublecast - whereas the wizard is casting fireball, the artificer&HS pair are casting two 2nd level spells on the same turn. That's where an artificer's power really comes from - doubling up on spellcasting. On paper, it looks pretty effective, imho. You're not quite Twinning Dragon's Breath spells, but you can have two of them active at once, and that's just as effective as a level 3 or so spell, imho.
Of course, the homu-servant is made of fragilium, so that's a big concern. But if you can keep it alive, the artificer seems to be pulling off being an alternative-style-caster archetype pretty well. Again, on paper - I'm still playing warlock character, but artificer might be next.
I also believe this is a big part of the reason why they took away guns and only gave them to the Battlemaster (and kinda-artillerist). They want you to stop thinking in terms of at-will weapons and start thinking caster. Battlemaster is the gish. Artillerist only uses the guns with True Strike magic, and even then you've got a fair amount of other stuff going on. Armorer technically attacks, but can't use magic weapons, and deals force/lightning/thunder damage, making it more like magical than a gish would normally be.
Doing a deep dive on all the subclasses is another issue for another time.