Despite saying Godfall is not seen internally as a live-service game, a dev for Gearbox's "loot slasher" game suggested it will maintain some of those expected elements.
In a recent interview with Arrekz Gaming (thanks GamesRadar) on YouTube, Technical Producer on Godfall, Richard Heyne responded to a question about the game's post-launch plans by confirming "[t]here is an experience you can complete." Heyne's response came to a question which framed games-as-a-service as a detriment to players, so one has to wonder whether Heyne went off-script, since Godfall definitely looks like a live-service game. In fact, Heyne even confirmed it will have some such elements.
"That being said, there is replayable content. There is end-game content, and there is more for the player to explore and revisit once they have completed their ascent of the Skybreaker Monolith." Heyne told the YouTuber. Despite that vision for the game's post-launch tail, the producer assured Arrekz Gaming that there won't be microtransactions. "We don't consider the game a service. There are no microtransactions in Godfall, but we are planning that there is plenty of content for the player to dig into once Macros is defeated."
Assuming Heyne didn't misspeak, it sounds as though the game will inverse the usual live-service model of free updates for all with optional paid cosmetics. From his words, it can be inferred that paid expansions are on the way in place of an in-game store. Plenty of games get away with having both, like Destiny, as one prime example, but as a new IP launching on next-gen hardware, maybe Gearbox doesn't want to upset fans before it can even win them over with Godfall.