If this game provided me with deep, engaging PvE gameplay that kept me busy, I wouldn't care about PvP meta at all and just play in solo or private group. But it doesn't, PvE stops being challenging or rewarding once you get good enough at the game to make enough credits to afford a decent combat ship. After reaching that point, I tried to expand my gameplay into powerplay (and therefor pvp), but I quickly found that PvP combat in this game is actually less interesting and engaging than PvE. It all comes down to who has the most meta build and using a bunch of magic spell debuff weapons to neuter and unique advantage their build might possibly give over a meta build. Every PvP encounter I have had, except for one, has felt just as one sided as a PvE battle, except sometimes I was on the side of the shieldless sidewinder wing. I've killed players and forced them to high wake using a terrible build that only gave me victory because I had better engineering mods than they did. On the flip side I have found myself completely at a loss as to how to fight actual PvP builds as doing so would require me to spend countless hours engineering (they are fixing this in 3.0 thankfully) and force me to use a VERY small set of ship and weapon combinations.
Maybe I'm just looking for too much out of this game. But as it is I am starting to struggle to find a reason to play. Powerplay is just a grindfest that occasionally is interrupted by one side killing or driving off the other without much of a fight. Of all the ships and builds in this game, PvP is mainly just FDL's, Clippers, and FAS, with the occasional corvette or cutter thrown in using PAs, Rail guns and frag cannons as their main weapons. The outcome of almost all PvP encounter's I have had could be determined just by looking at each side's build and engineering mods, with pilot skill basically determining if the losing side high waked or exploded.
I am new to all of this, so maybe my experience with PvP hasn't given me the full picture, but as it is right now I am seeing very little that interests me in the current PvP meta, and very little to keep me coming back to the game as a whole in general.
Have you ever seen Isinona's videos?
https://www.youtube.com/watch?v=RHQMdJGyMvM
https://www.youtube.com/watch?v=moITRrezrUI
https://www.youtube.com/watch?v=___lRaq-xZ4
Watch a few of them, there are several different ships and builds used, and they give me a lot of different ideas for different tactics to try in different ships, while thinking more strategically instead of trying to just duke it out with highest alpha meta ships. Plus they are just entertaining cause the pilot is pretty darn talented and takes you through some pretty interesting situations and stories that he finds and creates organically.
I only bring it up because Isinona's style of gameplay has been inspiring how I approach the game for a while now, and your situation felt a little similar to mine (PvE becoming unrewarding but still staying outside of the PvP meta). It does involve a bit of down-grading and/or side-grading, but once you are no long in an OP ship, you have to think more about why you do anything because there are trade offs and consequence to you actions--for instance, flying in a shield less ship to save power and lower heat generation so you have to be sneakier and fly more precise. Huge overengineered ships have too much space for buffed out stats which leave just way too much room for error, so definitely with the NPCs you kinda stop caring what they are actually doing cause none of it is going to affect you. Once you get into huge over-engineered ships everything kinda becomes trivial and there's no cost or drama to any of it, kinda the difference between playing on easy mode and hard mode really. You would make a lot less credits this way, but if you already have a bunch, it allows you to play for the thrill of it and the challenge of it, bottom-line be damned. As a playstyle you are blending a personal narrative thread through all of the actions you do while you're flying around. You give yourself more reasons for doing everything, like staying in SC for a few more seconds cause you want to try and lose that NPC by crashing into the planets ring and hide amongst the asteroids, or to chance turning silent running off because of rampant heat damage even though you might get spotted by the player FDL you just dodged.
The great thing is, if you can get to know you ship well enough and really have a fine tuned muscle memory for all of the different things your ship can do (with creative enough outfitting), even in small ships like the Vulture, you can find plenty of situations where you can survive running into OP attackers (NPC or player), and even, using your wits and the game environment, find lucky moments where you can actually take one of them out, or at least knock them down a peg or two before escaping and running away. I find myself going to social areas like CGs, lore sites, or popular bases, and just more or less make up some reason to care about what's going on around there. I don't go in specifically looking for PvP fights, because I'm certainly not outfitted to try and make a first strike and have any chance of success--you won't be trying to start many 1v1s on purpose or anything with ships like this. But eventually I'll run into other players organically and I'll have to try and shake them in SC or escape them if they interdict me, and stuff like that, but sometimes I might see that Cutter that attacked me 20 minutes ago is now wounded and shieldless with someone is on their tail.. so I'll ride their wake down and see if there's anything I can do to assist the other player, or maybe someone attacks me outside a station and I can goad them into following me into a no-fire zone to get the station defenses to help me. You just also have to get particularly good at recognizing
bad situations that you need to avoid like the plague--knowing the limits of your ship and the capability of other ships is extremely important. But on the the plus side, your routine NPC engagements feel meaningful and fun again because there's an actual element of risk with that slim chance you might not make it if you mess up (though you are more experienced now, so the smaller ships don't feel quite as fragile and useless anymore).
This is just some stuff that helped me a lot in side stepping a similar kind of slump. Downgrade or side grade into a ship or ship build that you just find interesting or fun, and avoid the meta build. Do
some engineering to make it specialized and capable, but don't stress out over getting G5 everything. Play around with weird loadouts that give you a variety of tricks up your sleeve, and just get to know that ship really really well. Then just start to recognize the situations where you and your ship can thrive, and keep a weather eye on your scanners for emerging conditions. Joining a player group that plays the BGS, helped to give me a head start on the "making up reasons for where to go and what to do" part, and everything else is just up to what kind of crazy situations I can get in an out of with my ship and bag of tricks (with over 300mill in the bank and low rebuys of small/medium ships, I can afford to get in some pretty touchy and exciting situations often..)