Personally, I think this thing with naming things basically the same as the original is so damn and confusing. I've only really noticed it being a thing recently(Tomb Raider, Thief, Sim City, etc.), but it makes it really hard to talk about the original, especially when you're trying to compare the two.
On the other hand, Elite: Dangerous is kind of silly when you think about what it actually means. It's kind of like making a military game and calling it Colonel: Major.
Both of those said, I think the name at least doesn't sound stupid and people who've never heard of Elite before won't be confused because they don't know what it actually means.