Both had a working (although not perfect) AI at launch and provided at least somewhat plausible worlds. HOI4 is a big step backwards from these releases. Still my favorite campaign from EU4 was right after release (First EU was EU3 NA).
Considering they are able to develope (and sell) DLCs for EU4, Stellaris, CK2 at the same time, while probably also developing Vicky3 and maybe Rome2 I don't think their money is to short to deliver what the customers payed for over 1 year ago.
From their last annual report:
"Operating profit amounted to SEK 308.0
(241.7) million, an increase of 27 %."
https://www.paradoxinteractive.com/en/paradox-interactive-ab-publ-publishes-annual-report-for-2016/
This is around 320 million €.
320.000.000 €
Should be enough for a tad bigger budget to fix the game the fans payed for 1 year ago. And adding focustress and new uniforms to the toysoldiers is not fixing it.
IMHO Paradox is willingly transfering itself to a big player on the gaming market next to EA or Ubi.
The IPO, the opening on the mobile market and the proportion between marketing and developing are logical steps on that way from that POV.
They still have more than enough goodwill from a lot of the fanbase, which still sees them as a small semi-indie developer and let them things pass, which nearly no gamer does for EA, Ubi, Creative Assembly or other Publishers/Developers. And they are pretty good at keeping that old image. Kudos the the marketing for that.
But my assumption is, that it will backfire at one point.
The old fans are let somewhat down, in my opinion. Sure they released a last beta patch for Vicky, but look how they treated MoTE or Sengoku. Or the release of the very game we are taking about. The weekly streams showing the gameplay and trying to hide the lacking AI. The false promises of the dev diaries. The lacking - at times non existing - communication with the fanbase post release.
Unfortunally I also bought till half an year ago nearly every DLC for EU4 because I wanted to support paradox making the games I like.
Maybe behavior like this led to paradox as it is now.
Sry for my bad english, it's a difficult topic for a non native speaker.