We are really seeing "Open World fatigue". In the fact that many people seem to be tired of checklists and obtrusive UI, versus well designed worlds with landmarks that make exploration worth it.
Breath of the Wild and now Elden Ring really show this, unfortunately, not many games have capitalized on it. Horizon is a good game, but it is sort of based on design philosophy from 2011's Skyrim and it shows. Horizon really is more so worth it for the story than the gameplay though, so mileage will vary too. Good game design really can transcend story though, because it is universal.
"Obtrusive UI" is an odd thing to throw at Forbidden West as a critique since the UI is highly customizable. You can play it with pretty much zero overlay if you'd like.
Horizon really is more like BotW than anything, especially now that it has a glider. Forbidden West's problems, IMO, are these:
1. It locks lots of stuff behind tool unlocks tied to progression.
2. It goes for quantity over quality in adding more stuff to do. Most of the stuff they added is doo-doo. Except for Road Rash, But Riding Robot Horses, most of what they added is confounding.
It also has lots of tedious puzzle solving and lots and lots of useless weaponry. IMO, these were issues in BotW. They basically added the things that I don't like about open-world games to this one.
I get the Far Cry comparison, especially with the hunting garbage, though. I guess I see where you are coming from there. I think FW is like a BotW/Far Cry mashup that goes out of its way to do the worst things that those games do instead of building on what was so good about the original game in a positive way.
As someone who is not a fan of From's game design, Elden Ring has those issues, but in an open-world setting.
Gonna be honest, the last open world that I thought was well-designed was Bowser's Fury. It's the first time that a Japanese dev developed a great open world (XCX had interesting ideas about verticality, though). Before that were RDR2 and HZD. I hope the Saints Row reboot nails it (SR2 has an awesome open world, but I am off-topic here).