This is the key bit.We'd also be back at square 1... unless some people here are imagining that FD would suddenly make a game equal to what we have now in just a few years? FD won't magically get better at developing stuff. They'd still take a few years to effectively give us Elite Danerous (redux) 1.0 and then more years to add landable planets, etc.
If you've got a need for a game "a bit like Elite" to exist, and are finding Elite Dangerous too flawed to be playable right now, there's better chances of someone else developing it than Frontier doing so, because they don't need to develop it at the same time as continuing to support Elite Dangerous. And also, this hypothetical new developer wouldn't be Frontier, so whatever Frontier has done that you don't like there's a chance they wouldn't.
It's taken Frontier nine years to get this far (plus however long pre-Kickstarter they spent in prototyping). Assume that a perfect games company could do it twice as fast by not taking time to implement the bugs. Still going to be five years away (not an unusual time for development of a large AAA game).
If Frontier starts on that, that's five years of not supporting Elite Dangerous - too short a time for people to forget the problems, too long to be profitable. If another company starts on that ... well, they could have started four years ago, so be about ready to release.