I find it quite interesting to see, how upset people can be about the new compendium. Valve did exactly what they announced a few months ago: not calling it a battle pass and shifting the focus of the new thing away from cosmetics.
They kept their word pretty much in 2023 and released updates which benefit the whole playerbase. I think that this is the future. Let's hope, that they keep doing good things. And by the way, arcanas and so forth will be released after TI. So the shiny hats will make their return.
Personally I bought the lvl 50 compendium because I do like the rewards (not really the stickers) and the challenges. Furthermore I spend very little on games in general and play Dota since september 2016. As I got a lot of entertainment out of the game for free, I'm more than willing to drop some money on this game I very much enjoy.
Already got the HUD, which looks amazing (the compendium art in general is on f-ing point!). Working towards the voice lines and in the best case scenario I can grind the aegis replica.