Overall the game is a strange mix of physics sim and quirks that don't make sense. For example, industry produces heat and heat spreads as expected. Solid, liquid and gas phase changes happen more or less as expected, leading to fun stuff like steam explosions. But then heat can be deleted in unphysical ways, heat can't be radiated away into space like in the real world etc.
Oxygen Not Included is an inherently unstable system, and it's a frantic race to juggle all the spinning plates while your colony falls more and more apart. The better you get at the game, the further you can stretch it before it succumbs to starvation, disease, lack of air or death by overheating.
Factorio (in regular mode) has a system that it is possible to keep stable at all times, and once you get a handle on the enemies you play the game at your own pace.
On your other points, it looks like you simply haven't understood game systems deep enough.
>you'll run out of stuff fairly soon
Geysers can support really large bases and other materials you can get from space missions, which are powered either by oil wells or water geysers. It's a great simplification that you can built self-powering oxygen generators, which consume water and produce oxygen with some leftover hydrogen.
>the heat it creates
Aquatuners + steam turbine setup solves all heat issues. And you can cool metal refineries output directly inside steam rooms which power stem turbine (by using oil or petroleum for coolant).
>the meteors that destroy anything you put on the surface
Bunker doors + radars + a tiny bit of automation. I think that radar mechanics are unnecessary complex and not explained properly, but once you understand it, they are quite easy to use.
>the crappy power generation methods
Even without advanced sour gas/petroleum power setups it's really easy to get a TON of power generation. In mid and late game I usually sit on top of so much power generation and unfortunately game does not have any power sink game mechanics.
To me it feels incredibly hacky and ruins the game.