Off the top of my head:
1) Focus on making the classes feel different and interesting, instead of trying to give everyone access to everything.
2) The story is set up to make your situation feel urgent but there's no mechanical follow-through. Make time actually be a factor. Not real time, but you can't be everywhere and do everything - you should have to choose what is important for you to focus on and other other options/storylines progress while you're busy, becoming more difficult or unavailable.
3) Myriad UI and QoL improvements. It should be easier to do the things you want to do.
4) Remove almost all of the items from the world and simplify looting and inventory.
5) Tone down the companions. Right now they feel so over-the-top and self-centered that I find it difficult to care about any of them.