It just seems crazy to me that Fdev want to go and work on multiple throwaway park builder games that are popular for about 3 months when they have a potential Eve/WoW sitting in their lap that they don't seem to care enough about (we're still here 4 years on depsite the problems with ED). Looking at steam charts, Elite has more regular players than Jurassic World Ev does even though JWE has only been out a few months. That should tell Fdev what they should be focusing their dev attention on.
Those "throwaway park builder games" are direct contributors to Frontier's ability to fund updates to Elite. Without Planet Coaster, for example, it's unlikely that Frontier would have been able to produce over a year's worth of updates without charging extra for them. Sales of cosmetic items will account for a small fraction of the development cost. Expanding their portfolio allows Frontier to be able to continue to develop Elite with a relatively high level of resourcing during those periods where revenue is low. I think it's testament to their commitment to Elite that they have continued to allocate around 1/3 to 1/2 of their entire staff to the project during a period where it isn't profitable.
I'm not convinced you can compare "regular players" on a sandbox game like Elite with a non-sandbox like JWE. Unit sales would be a good indicator of success, and in those three months JWE has already sold over a million units.
Fdev, no other projects you come up with are likely going to replicate the popularity or longevity of ED, so why do you starve it of resource? It will die if you keep pumping out filler, copy pasta ships and other half-baked updates.
Do you think that the game's players have some unique insight that Frontier's management team do not? There will be a lot of measurement and monitoring happening behind-the-scenes, gauging both public opinion of the game (from these forums, Steam, Reddit, etc.) and things like player retention, average play time, etc. Frontier will have a good idea about whether or not their game is dying and whether or not individual updates were well-received by the community.
Elite is always going to be a niche game in a niche genre. They really don't have a potential EVE or WoW on their hands because Elite doesn't and likely never will sit as a true MMO. If it somehow did become fully-featured enough to be classified as such they still wouldn't have the same sort of revenue as those games as there's no subscription stream. The way for Frontier to continue to make Elite profitable is to continue to add paid-for expansions, and as has been pointed out many times these need to be compelling in their own right.
As an aside, as a software engineer myself, I don't see Frontier's problems with Elite as being a struggle for resource. I've been to their studios and met a few of their developers and generally speaking, if a member of staff is on a particular project they stay there through to completion. There are some exceptions where there is particular expertise that needs a floating team (e.g. audio, engine, etc.) and perhaps near to a release their QA dept will concentrate on one game over the others, but I've never gotten the impression that they believe dumping extra resource on a problem is the way to fix it. I can't say exactly where their problems stem from directly, but I suspect that a lot of it comes from their choice of network topology. Ironically they're now in a position where their business could sink the costs of a client-server architecture (over the relatively low-cost P2P) but making that change at this point would be a huge undertaking.