While being a long-time lurker, I've watched this game since the early days, and my feelings on this matter are... complex.
I really wouldn't say that Inno is lying per se. Over time I rather got the feeling of a quite unfocused and scatterbrained dev - not of maliciousness or a cash-grab, but rather poor project management skills, a lack of direction and an escalating series of self-doubts that just keep worsening the issues. The comment sections on her blog have long since devolved into something extremely toxic (to put it mildly) where a handful of people are still desperately fighting an uphill battle to keep things constructive, so I will gladly admit that I'm very on edge whenever someone calls her a liar.
I really have enjoyed the game for what it is over the months and years, and have certainly played it far more than a couple of hours over various builds. The main story (and even the side-quests) by themselves are not that extensive, that much I agree on, but the game is sandbox-y and customizable (even without mods) enough that I've always had fun with a new character whenever I came back to it.
It is pretty unfocused and all-over-the-place with the content, though. The foundations are there, and they are pretty solid and extensive (the clothing system, the generated characters, the races, the transformation system, etc.)... but Inno has a bad habit of going back to them too much over and over again. They generally turn out much improved - but this is ~70% of the reason the game's overall development is moving at the pace it is. And - as far as I can recall - Inno has had the conviction on pulling the plug on any of those loads and loads of baseline features and moving on only once (the NPC companions following you around... I'm still sad about it, but it needed to be done).
The game is, in a way (unless I have the expression backwards), "a mile wide, an inch deep" - there's quite a lot of stuff in there for you to make your own fun, but... not much inherent content has seen the light of day in a long, long time.
Add to that the fact that Inno has always had a rather slow workpace, has never been able to eyeball how much longer she will need for any given feature or release and occasionally randomly stops posting about her progress... and you get the perfect storm of rather common single indie-dev woes, building up fan resentment over the years. I'd guess that the whole global 2020 situation has been as kind to her productivity as with many other creatives while putting all of us players on edge, too.
I do hope she keeps working on the game, slowly and surely as it has always been. If anyone doesn't want to give her money, that's fair and I get it. If people are miffed about her poor communication, slow workpace, lack of focus... yeah, I get that, and that's fair. If you want to "warn" people about the state of things, sure, I can't blame you either, I guess.
But the comment section of her blog has deteriorated so far already that I really don't think we should keep calling her a liar or a fraud or any other of those harsh words. The whole world has been suffering for a whole year now, and unless there's some proof (or multiple interconnected clues) of actual malicious intent on Inno's part that I'm not aware of... well, the constant rather harsh accusations made me come out of lurkerdom to say my piece.
TL;DR: I really don't think Inno is a "liar" - I just can't see any malicious intent so far, only a solo indie-dev with awful project management skills who always had loads of trouble with focus and time/workload estimates. So "warn" people if you feel it's necessary, but please try to stay away from bad faith arguments (especially in these already unfun times).
