Powerplay 2.0 looks like this
If it's really too late then it doesn't matter how good the new powerplay is if the moment to make something that relies on an active multiplayer community has passed.
While there are ways it could be good, it's not something that would revitalize interest in the game unless it's great beyond all expectation. PvP or Group vs Group is a niche all on it's own and it could interest a new subset of players (that aren't opposed to the idea but find the current powerplay lacking), but it's unlikely to be a large number.
It's also maybe a bit concerning that there was no emphasis on feedback on this - with the thargoid war you can excuse it as wanting to be mysterious, but with a PvP mechanic feedback and a fun balance is key.
While the announcement didn't give much details on what the powerplay update will actually entail, I think the way these big rework updates end up for most long-running (or past their expiry date) games is just rearranging the pieces in a way that completely changes the game without developing a fundamentally new system or much new content. (Like the thargoid war)
Powerplay is an easy target for that and I can see a simple rework like this that makes powerplay a lot better, but I can't see one that improves the game overall in a substantial way because it's still optional and still has to interact with everything else.
My main hope is that we get some new fun (non odyssey) setpiece scenarios out of it (again, like the thargoid war) and it's not too disruptive to the other parts of the game. I feel like I should temper my expecations a bit more though.