Well said.
Power play is a tiny part of Elite. That could have messed up the balance with an arms race and so far it hasn't. I think that's a good thing.
Okay, so you are arguing for the political sense of PP instead of the Meta chasing people. I have no information on your PvP record, so the following may be speculation.
Like I said before, only two weapons are competitive in a PvP sense, and with that being the case, meta players are going to all defect/rejoin said factions to remain competitive in the game.
I think what matters to them is not the political sense (of course you can call it the big picture, but should be aware of that bias), but the weapons those factions offer (again, this is the meta player's bias). So when people who chase after meta/want to be competitive gets a falsely advertised burst laser that supposedly take down shield extremely fast by sacrificing hull damage capabilities, people have every right to be angry, at least I believe so.
To these players, the weapons are the "big picture." Despite it perhaps not being to your preference of what is important in Elite.