The comparison of Elite with the wild west and the lawless times at the end of the 19th century in the US is not new. I can't find the reference, but unless my memory is failing me I think that it was actually David Braben himself who made that comparison.
Anyone remember when/where?
I think it actually regress even farther. The old west is far too fast paced. It would be more like colonial times ... say 1500-1600. The fastest communication would be by ship. Notice boards would be common because it would take years for radio signals to travel to their destinations ..
Agents would be the preferred method of transporting important documents.
All kinds of things would resemble the colonial times of Spain or England.