This game is one groundbreaking update away from taking the gaming world by storm like it's release day again. It isn't impossible. Look at how one good update completely transformed the public opinion of NMS and ballooned sales. Elite doesnt have have any negative PR hole to crawl out of, so just imagine what the same level of update would do for it.
-They need to get squadrons and fleets working well competitively. This is, I think, why EVE succeeded.
-They need to get space legs for at least walking around the inside of ships and hangar. This is why star citizen succeeded. (it would also be a great way to fill long flight times that are currently a number one complaint from casual players, without breaking the immersion of using real planetary distances which is praised by simulation fans)
-They need to incorporate arena into the main game with CQC missions with rewards that scale based on server population, and the victors need to be rewarded rare materials. A spectator and wagering system should also be considered for top squadrons to compete in proper world series style events. These would last the whole 3 months, and the wagers would allow everyone else to get involved that isn't part of the competition itself.
-They need to make the game a bit spookier, add more mysteries and things to discover in the blackness of space. My suggestion was rogue planets that would pop up in the middle of hyperspace jumps and you could choose to explore them or not. These would have a chance of being extremely unusual planets or phenomena.
I also suggest opening up a trail of stars to the LMC, and let stellar forge go crazy in there.
-They need to make exploration more dangerous. There could be regions of space that have high heat, radiation, cosmic winds that throw you around, or are just barren of fuel, super dark or really bright. Something that would make a journey to the core a bit more perilous, with areas that in untraversable directly except for very skilled and overly prepared explorers. The permit locked areas might be a good start for placement. The most fun I ever had exploring was when I accidentally neutron jumped myself into a maze, and I had to figure out how to escape. If Frontier decided to open up a new and interesting cluster of space, they should make it a bit of a puzzle to figure out which involves every aspect of the game that I just mentioned.
-Gas giants. Gameplay in these clouds would be astounding. They need to keep in mind the threat of lightning at lower depths, as well as crushing pressures. I imagine chasing down a small ship in my large ship, but having to stop due to a atmospheric pressure warning. I then have to deploy fighters to pursue into the thicker clouds, because small ships have higher crush tolerance. (but the winds throw them around a bit more). At certain depths, you can only see your opponent using their silhouette against the constant lightning.