slot says 96% rtp but feels like it pays 40% unless you hit the bonus round

I know slots are supposed to be random and all, but on this one game with 96% RTP, the base game feels totally dead. Spinning hundreds of times and maybe getting a little back now and then, but if you don’t trigger the bonus, it’s like you’re just lighting your money on fire. I get the RTP should be for the long haul, but how much is it just the bonus carrying all the value?

Does anyone else notice this trend? Seems like slots used to give out small hits here and there to keep you playing, but lately everything is bonus-or-bust. Am I just imagining this, or are games actually programmed this way now?