My and my friends have our own server we are playing on and are very much enjoying it.
Think the hype comes from how much value there is in it given its price and that its in early access. Me and my friends have easily sunk over 30+ hrs into it and barley scratched the surface.
The game has some nice QoL features for a Survival game that make it less irritating, eg the food system, free tool/wep repairs etc.
What I admire most is that is comes from a Studio of 5 people and a publisher that has a decent rep from other titles which gives me high hopes this game will last quite a while.