Same situation here. Tried the above, after launching the game the first time I saw it create the new kingdomcome folder and noticed it was gradually populating it. Got called for supper at that point so left things as they were. When I came back the game was running and the menu items were visible.
Didn’t have to move any saved files (maybe they were retrieved from steam) either.
So, it seems the game will launch but takes some time to do so.