I have two two year olds who speak exactly like this. Both are developmentally fine.
I have another two year old who speaks in full sentences and can tell me the beginning, middle and end of a story (with details)
all are born within three months of each other. The parents of one dcb with limited speech are HYPER concerned about it. They got him evaluated. They got a 2nd opinion. FINALLY asked them why they were so concerned. They were worried because DCB born a month later talks like a 4 year old.
Now, my other dcb with 'limited' speech just points and Mom guesses. He is the oldest of the bunch and it is SOOO aggravating to me watching her guess 30 things around the room while he points and grunts. I am ALWAYS telling him to "Use your words ________" even in front of his mother.