Honestly, this is pretty much where I'm at as well.
The thing that Honkai has that Genshin just doesn't, is intent. The way things progress, the way the characters play out, the way the gameplay evolves, all feels like there is intent behind it in Honkai. I don't get that sense from Genshin. I really, really enjoyed the exploration in Genshin and thought we'd be getting a lot more of it, but we got basically none for months. I even enjoyed the initial events in the game and some of the side stories are great. But those are exceptionally intermittent now. Honkai has a consistent through line that threads things together. Genshin doesn't.
And without intent, Genshin doesn't feel like it's really going anywhere. Maybe Inazuma will change this, I'm not sure. I will still probably be doing dailies until Baal drops, but Inazuma is kinda their last chance for me. If there isn't some substantial gameplay, some things to actually be worth engaging with on a day-to-day basis (such as artifact reforging, or an endless Abyss mode, etc.), I'll probably just finish whatever content is there and wait until the next major update. Because there isn't much reason to play if there's no challenge and nothing to do once you've completed stuff for the first time.
Here's sort of the other big difference between Honkai and Genshin - there's lots of stuff to do that doesn't require resin (stamina in Honkai), that's impactful to you as a player, and that can be done repeatedly to improve. In Genshin, there's very little to strive for, because there's no content that asks us to. Even in pay to win games, there's almost always something to chase that involves playing the game. There's nothing in Genshin to chase except characters, and those aren't terribly impactful because the game doesn't have any content that might actually make them worth pursuing, and the same is true of 5* weapons.
I know this sounds strange, but honestly? At this point, I would welcome content that actually necessitates 5* weapons, because it would mean that they are introducing content that is going to be hard. I want there to be content like that. Even if I can't complete it, I want it to be there so that I can try. Intent, and something to strive for, are what's missing from Genshin. If they can fix that, they'll be in a way better place than they are right now. But I'm not holding my breath.