Back/forward operate on history, not on hierarchy; at least have an "Up" button. There's no easy way to navigate the non-prescribed folders without adding every folder to the favorites list; hell, there's not even a "Home" link by default. Simple location navigation is hidden behind Cmd+G versus being evident. Easily jumping up the tree from your current location is hidden. Etc, etc, etc. It acts like the iPhone file manager, except the filesystem isn't a sandbox on macOS and you regularly need to navigate around it.
I'm sure if it's the only FS manager you ever use then it's just fine and you've learned all the quirks. But for people that regularly use other (better) managers on other OSes, it's severely lacking in ergonomics and functionality.
Still alt-clicking on the window title to see the whole folder hierarchy is easy to remember and doesn't clutter up the UI (err cmd-clicking? It's muscle memory so I forget). The fact that it works on most native apps with file titles as well I awesome.