No you’re not missing anything. In its current state the HomePod is primarily an Apple Music player with some smart features baked in. Which is exactly what it’s marketed as.
In principle it’s a lot like the Echo, but there’s two big differences between them at the moment. The HomePod sounds ridiculously better than Echo (I’m comparing it to my Echo 2.)
The other difference is the Echo has a lot more “skills”. But then I should really hope it does, it has more than 3 years of a head start.
The HomePod development software hasn’t been in our hands for very long. It takes time to make worthwhile added features. I’ll pretty much guarantee we won’t see a fart feature or dozens and dozens of “here’s some facts about cats/dogs/mice/dragons” on the HomePod.
Just as with the Echo when it first launched the good quality, useful abilities take time to get right. And just as with the Echo it should be worth the wait. The wait really shouldn’t be too long before the first add-ons start trickling out.
But if the Echo is more up your street right now, go for it. In fact I’ll sell you a three week old second generation Echo if you want