This is, at least for some, where the BGS and player minor factions come in. Staking a claim to systems, stations or ports, waging wars (either against non-player factions or other PMFs) and expanding into other systems is Elite's version of that late game MMO play. I understand it's not for everyone, and it can be a little opaque to newcomers, but it's definitely there if that's the sort of thing you're looking for.
Not really what I was citing. Factions are ultimately NPC factions and while they can be influenced, what they can do or not is limited as they are not actually 'run' by players. In fact, it makes very little difference to an average player what faction is in charge of a system, as unless you make a concerted effort to alienate any faction, chances are you're going to be allied with all the factions present, once you've spent any amount of time there.
It's kinda fun, at the least it's good to work with people that do things differently every so often. Teams spend literally the majority of their time going in circles due to poor management and process but the developers are usually way more passionate and driven. The kinds of things in a larger company that you schedule to take a month are things that might get done in a day in gamedev. Harassment is a meme though, those are takeover attempts like what happened to Mozilla, Linux, the FSF, etc..
You'll hear similar complaints from other sectors in the IT industry, I don't think games software differs all that much in that regard. Badly managed software projects have become almost a cliche, and it is a common issue throughout the industry, and many of the cross disciplines that have grown around development - from project management, agile, CI and the like, to alleviate these problems are IMO largely attempts to put a band-aid on a deeper, more systemic issue and often introduce their own problems, especially when introduced (as often they are) by management who don't actually understand them.
The games industry, principally has a reputation for underpaying and burning out young, enthusiastic developers. How much of this is true or not, I don't know, as I don't actually work in games myself. Given this, games companies are hardly the only one's out there who will seek to exploit developers - my experience is you most often come across this sort of behaviour in SME's that have grown organically and often had to count every penny they spent or earned. Even when they reach a certain size and stability, they maintain the same approach, which often does not scale well.