OA recently ran a poll on single player vs multiplayer and, overwhelmingly, solo came out on top.
I myself play in Open...but alone, and generally avoid other commanders because Elite (in my opinion) doesn't offer any substantial multiplayer features save shooting each other. Which is fine, but not my usual MO for playing.
I imagine a large quantity of console players (of which I am one, on PS4) also play in Solo or generally avoid high traffic areas. I don't do CG's as they offer nothing of real value and, if anything, tend to actually cost me more in terms of required flight time or engineering mats. I've not played in over a month now...just got bored...but I understand the EDO launch has negatively impacted console stability, too.
That - if true - will very quickly reduce console player numbers. Our options - and accessibility to those options - makes it extraordinarily easy to put down a title and just play something else. Add in NMS regular updates (for those of us who play it) and Mass Effect just dropping (again)...
Again, if true that EDO has negatively impacted even Horizons on PS4 (Like I said, I haven't played in a month or more) then I wouldn't expect anything less than a quick exodus from Elite. The big question, of course, is if it is temporary. FDev is doubling down on launching EDO this year to console. I sincerely doubt it will be ready, which will only further harm the console market - and PC, too, as they'll have been waiting with little to no new content for that launch - and likely do irreparable damage to this iteration of the title.