They didn't lie they said these microtransactions were supposed to fund the live team working on world events and features not full expansion packs. They also said it's funding this year of dlc not indefinitely so they could easily go back to big expansions dlc next year.
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I heard it was funding dlc not live events. I don't think people would be happy to hear that iron banner can happen more now because of micro transactions. How does that even cost money to run? It's just crucible
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Nobody knows what the content fully consists of but I'm thinking there new events, large quest lines, story missions and public events. From what I understand instead of big expansions that are far apart it's a steady stream of content through out the year so that there isn't dry spells between content like it was between TDB and HOW.