It's basically like a fast Day Z. Actually it's a pretty good comparison to say it's a mix between Day-Z and Squad. I havent played h1z1 but apparently thats pretty bad.
The issue for me is it's just nothing to do once you win once or twice, like it feels pointless. It probably doesnt help that I got two wins on my 2nd day playing, maybe the desire to get a W on the board is what keeps people playing as it probably takes a while for most people (luckily I have a pretty experienced player in my crew).
The looting aspect takes up your first 10 minutes if you dont die straight away and then its basically a boring mid game and then the last 5 minutes is just a shooter. It feels like redundant looting, a pointless boring middle period, and then a sub par shooter at the end.
It either needs to be even faster to at least get rid of the slow bit in the middle of the game, or longer so there is a bigger looting aspect. I dont know, maybe when they add more maps and more variety of loot it will be better, but right now its basically spawn, try land in good location, loot the same shit every game of a helmet, backpack, armor, two rifles, bullets, medical supplies, and then slowly make your way in to the minimising map size until its small enough for it to end in a battle.
I would still say Rust is the best game I have played in the 'survival games' category, but that is too slow and only good with a solid group so I understand why people are trying to make these faster games but it's just not working.