I share your concerns. I was optimistic at first because kbin looked very promising and the app was evolving pretty fast. Just reaching the point of a functional mobile app would have been enough for me, since we can federate with other communities for more content (before they decided to create their own instance, it was good enough for me).
I am pretty sure the project is on a good track, but in the same time, I think it will probably take 1 or 2 years before we have a good mobile app.