That is definitely one perspective, and may well be the one DVC will have. Time would tell - any of us would certainly be fools buying RIV thinking that an expansion is anything other than a very remote possibility. But, I'll put forth a different perspective. I haven't looked at historical sales over the past 6 years, but I would presume there was pretty significant disruption 2021-2023. When you combine that with the fact that RIV is the first resort with the resale restrictions, I think that was quite the perfect combination to slow down sales significantly. I can't imagine there were a lot of new DVC purchasers during that period, and I would imagine a lot of the existing DVC owners had a combination of skepticism about the resale restrictions and/or doubts about just how soon Disney would return to some semblance of normalcy - even to this day, I think most people argue Disney has still not restored everything they did away with during COVID (and, some things are likely gone forever).
PIT, OTOH, came online in fall of 2024, well after the disruption of COVID, was brand new, on the monorail loop, AND does not have the same resale restrictions. As a recent purchase of RIV points, when I heard that during our RIV tour, I was like, oh, you better march me right over to PIT because why would I buy into a resort with restrictions when I can buy one without them. Of course, the more I considered the long-term, I came to my senses and bought where I see myself wanting to stay more often.
Imagine if RIV had launched with the same resale restrictions as PIT (i.e., just future resorts) and without the disruption of COVID. I think we'd be looking at a very different sales history. How much is attributable to COVID vs. the resale restrictions? Hard to tell. It would be interesting if you run an experiment where COVID never happened - if the sales were similarly just as slow, one could see a world in which DVC suddenly started questioning resale restrictions - but, here we are. Where is my crystal ball? Haha.