After some thinking and time to evaluate what this meant to me, I have essentially lost interest in Elite: Dangerous. Here's what I think it would take to get me back...
1) Development for VR,
2) Worlds that are more interesting to find and explore,
3) Better story design and execution,
4) It needs to be accessible to casual gamers. I have friends that would play... IF it wasn't such a commitment to play. There needs to be room for both casual and more committed game players to enjoy playing together.
5) Not only does the grind exist, but the grind is also excessive. If you feel like you're grinding in a game, then it's poorly designed. Clearly, there's some value to gaining experience and leveling up, and upgrading ships so that you can complete bigger more difficult parts of the game, but it needs some measure of enjoyment in the journey.
6) Stop trying to compete with other games on their own turf. You won't do FPS as well as other games, and you shouldn't try. Double down on what makes people love ED instead. If your argument is that ED must evolve to remain relevant, I'd counter that if you "evolve" ED out of its genre, then you've killed off what ED was and it becomes something else and which is not what got me here in the first place. Evolve, sure, but not on the path that Fdev is taking.
7) Add more ships. There's no reason to not make more ships. They don't even need new functionality, they just need to look different from what's there now.
I don't expect FDev to read this, or to care even if they do. I hate to see ED's decline, but it's all self-inflicted wounds. I think they could turn it around, but they won't.