No, it isn't meant to be a "life sim". It's meant to be a _game_. If you want a life sim you should look for EVE.
AFAIK in interviews with DB it IS meant to be a sim about your life as a spaceman..... as is star citizen, but star citizen comes with an action shooter called squadron 42. That being said Star Citizen is being advertised as having much more emphasis of PvP gameplay, where as elite is no so much.
I have ZERO interest in EVE and yet elite has always been for me, the best series of games ever made. ED is very much in the same vein of the past games and in 1st encounters you would have struggled to afford the expensive stuff on JUST bounty hunting and absolutely nothing else.
maybe now the crime for smuggling has been lessened then bounty hunters will be able to smuggle the cargo dropped by pirates on their destruction which will add to profits.
I get that some people do not like it, and I get that certainly some things can benifit from being tweaked, but the people on here trying to say the game is objectively rubbish / dull ARE talking nonsense.
The game is objectively an Elite game and in this imo it succeeds at its goal very well, but subjectively this may or may not be a good thing.
I will say 1 thing tho...... ED is WAY more inviting to the newbie than Frontier was. Flying in frontier was really hard (for me it was at least, maybe I was just rubbish). ED is childs play in comparison....