Engineering is the only things that needs overhaul, not because there is big problem with it, but because it's the biggest barrier for new players to drop or stay in this game. They need to add catch up mechanics to it, specially via cash shop, since it's a new trend in MMO world. Credit card swipe and you are already fighting Thargoids.
This game needs to start generating some revenues for future development.
A small amount of grind is necessary, especially for new players. Look at WoW and other live service games. The time put in to grind out some of the content helps people slowly come to grips with mechanics in the game and add a sense of achievement for the end result. I agree with everyone that Engineering currently is WAY too grindy and makes for a miserable experience, however I question the idea of pay for play (Upgrades/ships/modules)
Not only does it lessen the experience and feeling of achievement for when you finally have that fully engineered corvette, but it doesn't make alot of sense in Elite. WoW, as an example, allows people to pay for a level 100 character. But they also allow multiple characters per account, and multiple accounts too. Elite however only has the one, with Cmdr's receiving different ships. Starting off with some laser pointers in the sidewinder, then upgrading to an Eagle, is a nice progression as you face more challenging enemies. But if a new player just poofs into an Andaconda with access to fully engineered systems for Thargoids, they'll be missing out on a key part of the experience (And probably end up with a massive rebuy from getting dusted.)
Yea, Engineering sucks, so does the economy with it's whack payments for missions. But to remove it entirely doesn't seem like the way to go.