It sure is one of the biggest game worlds - But you can make it as big as you want, if there is nothing in it, then it's just a waste of space. 200 billion star systems, yet so little to do.ED has a lot of content, heck it has one of the biggest game worlds ever created. So the quantity of content isn't the problem, but the quality of the content. Elite lacks exciting (I mean really exciting, not FDev live-stream exciting) content. As you describend most is too static and predictable.
I was just thinking back to when Privateer was released. It had a fraction of Elite - yet the quality of the content seems superior to Elite now. Privateer has no legs, not atmospherics (yes, you can land on planets, fine) but it just has something different that Elite COULD have. You leave the ship, you visit the bar, you can talk to people, and it's not just one text wall after the other. And there is a story too that you can follow if you want to, and it's a good one.
So really, we have this amazing world that we can delve into... just to come back up saying: Where's the meat?