Another problem with lack of competition is that Elite Dangerous has to do all of it. I think there's way too much in the scope for it all to get the attention it needs - so everyone complains that their bit is neglected.
If someone brought out a game which really focused on the exploration side and did it very well, but had basically no combat or inhabited space activity beyond restock, refit, head out again ... probably a lot of ED's big exploration groups would head over there in an instant. That would reduce the demand for exploration features in ED, which would let them focus more on the rest. Both games would probably end up way better at the things they specialised in.
But obviously until the competitor is there Frontier doesn't know which bits it can afford not to focus on too much, and which bits are critical for distinctiveness.
At the moment it's a bit like there's only one FPS, and it has to appeal to the careful stealth and sniping players, the people who want a giant array of ever-more ridiculous weapons to mow down waves of enemies, and the "actually, the 1870 model had an eight-shot clip" hyper-realism fans. Regardless of the build and implementation quality, there aren't going to be many people entirely happy with the result...
You're right in the sense that ED is trying to contain it all and that it's probably to much.
However.....
Perhaps they could've decided to flesh out the existing features like Thargoids, Guardians, Planetary activities, multicrew, etc. instead of starting this new "Era" which probably adds another new feature that won't be developed fully.
Only time will tell if ED is still viable by the end of 2020 or not, in the meantime I think only more people will become washed out by the lack of in-depth features and the multitude of persisting bugs.
Eighteen months is a long time for a playerbase waiting for something substantial, especially with the lack of communication Fdev is demonstrating and the way they handle the overal quality of the game.