Currently, I've spent about 3 or 4 hours on this game. I've found out that having a day/night cycle would be amazing. When/If the day/night cycle is implemented, torches would be a given. We'll need oil found beneath the waves of the ocean to craft the torches. Along with cloth made from either, Thatch or a type of hide found on an island or in the barrels. Up-gradable hammer and axe to make better floors walls and traps to set to kill the shark. More resources, like iron, steel, pearl, rock, coral. Found under the ocean as well. Glass for a scuba mask can be caught with a fishing rod or a scoop you create the same as the hook.
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The first and second items are bugs. They'll find it easier in the bug report page. Third idea is a good one. But only if they implement multiplier. And I've always loved the idea of going under water and searching for items and resources there.
Currently, i only have a few ideas for this game to become a bit better. First off, I'd like to see a diving system implemented. That'd make this game a little better. Secondly, different land masses. Islands, mountains, ect. Thirdly, traps/defenses for the shark. Lastly, more food. Just having shark meet potatoes and coconuts to eat is just kinda boring.