Well now a real dev in a real team chipping in.
Field defects aka user reported bugs are always and always top of the queue. Why? Because a user found a bug. Next is ... well how severe is that bug?
"Is the user losing all data?"
"Is user able to use application?"
"Is user able to have a workaround?"
Now any decent business already has this questions laid out and it takes a merely 5 minutes to answer it. If the answer at the "workaround" is "i don't know" thats the highest priority since we don't know whats happening and it can be worse.
Regarding frequency, so that "votes means frequency" well bugzilla has a field called:"frequency". Which you guessed in how many cases that bug can be reproduced(10% 20%, 50%) it's a percentage nevertheless. QA will try to reproduce a bug and try to fill this one up. Most of the time, we already know about a bug but decide not to fix it on that release because of no time/money(see below)
Bugs and well if you want to fix it or not it's not on DEVS team but more on Product Management or Product Owners which say:"Well that bug... we don't care, go with the feature" there are cases where a field defect might not be fixed ever(user will never know ... it's always "next release") so that we do features which ... brings money.
For example if bug fixing == no money we rather spend those man hours/dev hours to a feature that we can sell/advertise.
There might be the case where Elite Dangerous is an "entry project" where juniors/mid level programmers are brought up to code for 6 months/1 year and then moved to another project which brings more money. And so this way you can train a new programmer and gain some money out of him while still learning(this happens way more than i like to admit). Which makes more sense to be honest.
Again i worked on 4 products, 1 of them is well matured enough and got overtaken by the next product. There were bugs we said we will fix them in 2012... It's 2019 and the bug will be there forever. The user always got :"next release, is more complicated, but there is this workaround". As long as there is a workaround PO/PM is happy.
What business cares, and what PO/PM higher ups care ... It's money. If people will drop the game or lets say... or a competitor will come suddenly bugs will be fixed OR the game will be dropped because they didn't want to put the hours to begin with.