Not sure if you are deliberately out for a reaction or unaware of how companies work in real life. (maybe you are in marketing/politics).
Without going into too much detail:
Did you miss the memo on that 10 year development plan for Elite, I think backers would have something to say if they dropped it and moved on after less than 25% of that time.
Are you unaware that Frontier is not a single game company but has multiple teams on Elite alone, some on the MAC version, some now on the X-box version and some on the PC version.
Sure some of your points are valid that there are problem areas (specifically communication). However, your decline comments are downright wrong. Sure it peaked and had a surge during sales, everything does. Would you say Dota 2 is in decline or CS-GO just because they had a peak yesterday?
Why does gametime matter from a revenue perspective? We don't pay per hour (thank god

)
You also seem to forget that this is the game that the developers
wanted to make because they loved the original games. You'd be mad or misinformed to believe that Elite is over now.