So as to address things in order: Warframe was available on PS4 the day the system launched.
And sure, some people like Warframe better. There are no official numbers for that, of course, but you didn't say more people liked Warframe anyway. The reasons you listed about the graphics and budget don't make Destiny better, but dozens of other things do. The two games are not really even all that similar, honestly. And the engram thing, while frustrating, was far from "an FU to players". It was only misleading for people who didn't take the time to read the item descriptions that always said there were multiple possible rewards of varying levels.
Despite how this may come across, I think Warframe is very good for a "free to play" game, but is not something worthy of a full price retail release. So I'm stating my opinions primarily for that reason, as well as the fact that you (aside from maybe the beta or at trade shows/etc.) haven't even played Destiny. That's why I didn't get the comparison.
But yeah... play both games, people! Playing both costs exactly the same as only playing the better one, so you have nothing to lose. Plus both games share exciting features such as: