In regards to my post above - I feel a bit embarrassed and silly right now, as the Steam store page does in fact state that the game is in Alpha. The writing is even in bold, but I somehow missed that - lesson learned, don't post when tired lolz.
However I still feel that my 2nd point is still valid - too many companies in recent history have done beta's & open access events which have been marketing moves, and sadly have distorted many people's expectations of what an alpha/beta or early access is.
Terraria is a game that still technically in alpha.