Looking at the Steam Charts: Game lost in February and March 2019, gained back a part caused by the April update, and probably will soon loose players again. At this time there is no gain and no loss. I think the 3-4 months updates, if they manage to do it will avoid a too great loss until the end of 2019, and then it depends on other games if they can hold the players until the 2020 update. And it depends on what the 2020 update will bring.
I do not think the outlook is bad. ED will have its players as long as it is maintained.
For me personally - outlook is unclear. I just do not know. At this time I am in a prolonged game pause, since I cannot motivate me to play more. I stopped when they killed the FSS, and have not played since then, and so I do not know if it is fixed now. I should be fixed after the patch 2. But every time I think about things to do the reported bugs and problems, the nerfs and 'adjustments' kill my motivation rather fast. I had intended to buy a Phyton and try trading, especially rare goods. But reading the posts here the rare goods trade is no longer very profitable - and I am not talking about '10 Millions a hour' schemes. So maybe mining - but I am not very interested to be honest. Fighting, bounty hunting - would be possible, but I do not love this game play, I can fight a bit and my ships are not defenseless, but still...
Exploring becomes old after a time, since there is not much to find out there. I have Elite in exploring, and have around 20-30 completely new systems discovered, and partially mapped. Now I read that neither the Codex nor the naming for the Discoveries seems to work dependable. What sense does it make then?
The Engineers - well mostly a PITA to be honest. I have only 3, and every time I look how to use one of them I am missing materials, and not for grade 5, no sometimes I cannot even do a grade 1 mod. I have now 816 data materials and 4110 other materials (raw and manufactured). It is not that I do not look, but I still have never seen a lot of materials, some of them 'Standard' or even less. I know all the schemes and recipes (Davs Hope &Co), but no real motivation to use them. Material traders - rather no, I will not fly around senseless for hours to collect materials (a PITA in itself) and then loose them 3:1 or 6:1 at these traders.
I have all the Guardian Modules, but not yet 'brokered' the PP and the PD, since - you guess it - I am missing materials, and not Guardian materials, I have more than enough, but I am missing something which is not rare, but have never seen it in game. So no PP or PD for me, no great loss I think.
Fact is, as a rather new player (4 months) you loose motivation rather fast, because nearly all others (except other new players) have tons of things, all Engineers and so on. And this is not very motivating, especially if nothing comes after this. Whereever you look to try something, you run into walls of grind...
I have now over 500 millions credits - and no wish to buy a new ship. I have a Viper MK4 and a DBX, and two small ships. The DBX is engineered enough, the Viper is not. The small ships are not engineered. Normally - judging from the posts here - I should take the next steps, with an ASPX or an Python, or both. But then the engineering grind starts anew. So better not...
But I am sure I will come back, and then again go out to explore. I have nearly 100% Fed reputation, but cannot bring myself to fly around senseless and look for the 'graduation missions' - so no rank for me yet. I am not sure if I even want it. If they want to lock up the Sol System, well be happy with it. I really HATE the walls of grind erected before everything in this game...