Electroencephalogram (EEG) signals play a crucial role in understanding brain activity and diagnosing neurological diseases. Because supervised EEG encoders are unable to learn robust EEG patterns and rely too heavily on expensive signal annotation, research has turned to general-purpose self-supervised EEG encoders, known as EEG-based models (EEG-FMs), to achieve robust and scalable EEG feature extraction. However, the readiness of early EEG-FMs for practical applications and the standards for long-term research progress remain unclear. Therefore, a systematic and comprehensive review of first-generation EEG-FMs is necessary to understand their current state-of-the-art and identify key directions for future EEG-FMs. To this end, this study reviews 14 early EEG-FMs and provides a critical comprehensive analysis of their methodologies, empirical findings, and unaddressed research gaps. This review focuses on the latest developments in EEG-based models (EEG-FMs), which have shown great potential for processing and analyzing EEG data. We discuss various EEG-FMs, including their architectures, pretraining strategies, pretraining and downstream datasets, and other details. This review also highlights challenges and future directions in the field, aiming to provide a comprehensive overview for researchers and practitioners interested in EEG analysis and related EEG-FM.