You make a lot of assumptions about the way you think the game should be. The reality is that the game is what it is, and it is not the first of its genre. Just because its not the kind of game you want it to be doesn't make it flawed.
Hearthstone is a video game, not some re-definition of a "costs-hundreds" hobby.
What is your reasoning for saying this? Hearthstone is clearly a digital re-creation (redefinition, whatever you want to call it) of a (expensive) hobby. Once again, just because this isn't the game you want it to be doesn't make it flawed.
It's modelled after a card game, but at the end of the day, all of its content is 100% digital.
Because it's digital that means it's not a hobby? MTG Online is also a digital hobby even though it is a "digital video game". The game is a hobby in that it requires upkeep to stay current. Traditional video games do not work that way.
"Collectible" in the sense of "have to either overpay insanely" (via dust) or "hope I get the cards randomly" (packs).
Welcome to card games. Most games like this provide no way to get cards for free or "craft" cards you are missing. Collecting cards via random boosters is part of the collection aspect of this genre and something that a lot of people enjoy (MTG is called cardboard crack for a reason). If you don't like it, then this genre is obviously not for you. All you're doing with this statement is complaining that Hearthstone isn't the game you want it to be.
(under the guise of "it's free to play").
But the game IS free to play. You can make an account for free. You get ~150 cards for free just for signing up and leveling up your heroes. It's not "free to be competitive and have tier 1 meta decks" but it's not advertised that way. You can sign up and have fun playing casually at upper ranks without spending any money. I don't know why this is such an unreasonable concept. Why should new players expect to be able to sign up and then within a month be on par with players who have sunk hundreds of hours/dollars into this game?
To use another game as an analogy, Zelda offers many secrets and extras you can collect. Heart pieces is a good example. The point being that it doesn't affect the actual gameplay. Collectathon games can be fun, but not if you can only play a gimped version of the game before getting the gooides.
Comparing this game to Zelda and having similar expectations for them is idiotic. Collectathon (Banjo Kazooie, DK64, etc.) games are not the same thing as collectible card games. This is like me complaining that it takes forever to grind out all the heroes in League of Legends because in Super Smash Bros I can unlock them much faster and that's still a good game.
It's possible, but not for the "casual" crowd. Especially if you don't take the Trump route and dust every single card you get except for the one deck you're gunning for.
This is exactly what I said though. Yes you can't hit legend but you can easily play in rank 10-15 with a f2p deck if you are good enough. New players shouldn't expect to be playing at rank 5 and up with tier 1 meta decks shortly after signing up.