Depending on the surface (hard to know from your picture without driving it) this sounds like it could be normal. I have a 2018 with the dumb shocks. I find them very capable on road and on most off-road surfaces. On pavement or packed dirt with small bumps at high frequency it will do what you're describing, where the wheels are barely making contact with the ground and the truck floats around or suddenly loses traction (your tires are literally in the air at times as they skip off the bumps).
Something could be wrong but it's plausible that you're on just the kind of surface that does this. The Raptor deals better with large bumps or undulations in the road, and not so well with high-frequency small bumps.