I haven't played the previous games and am just going by the hype the announcement created. If the fan expectations are like the above post then I am wrong.I kind of get the impression, from posts like this, that there's people imagining that Shenmue fans are expecting an astounding game that will smash technical barriers, being as far ahead of the industry in 2019 as Shenmue was in 1999, and that literally anything would be a disappointment.
There aren't really many Shenmue fans who think that the series is going to become massively popular or that it will set new standards and revolutionise the industry. My own expectation, and that of almost every other Shenmue fan that I've seen write about their expectations for Shenmue III, is for something that carries on the Shenmue storyline and hits most of the same gameplay beats of the first two games. Like, I'm nearly happy just to be able to write the words "the first two games" rather than "the two games".
To be honest I wasn't thinking fan expectations was for the game to be revolutionary or set new standards but just qol improvements, better controls, gameplay improvements etc... I feel like the money they got through Kickstarter is not huge and I am not sure how big of a team they have.