Totally agree. I haven't experimented with many amp models on the latest firmware, but can say that whatever I dialed for that Mark IV (amp model, not capture) preset with the amp model and graphic EQ, it did not sound worse than what I got from the BluGuitar.
When I used cab sims or IRs I felt it was always darker than other plugins, but through a poweramp and cab don't find that to be an issue at all.
But when you are using it only as a modeler, things like MV amps going into poweramp distortion when you turn up the master are things that matter. Reading through Hotone's "CDCM HD" white paper, they seem to use a mix of component modeling and black box modeling. It doesn't go into any detail whether this is machine learning based or e.g match EQ stuff.
If they can elevate the drives and amp models with a 3rd gen product, I think they'll be onto a winner.