To bad, ED could've been so much more, I'm afraid that when a decent competitor enters the market ED will just fade away.
Sure, but "when" is the tricky bit. No Man's Sky was hyped as "when this comes out, Elite Dangerous is dead". X4, the same. Star Citizen, the same.
NMS and X4 didn't kill Elite Dangerous, partly because they had their own issues, and mainly because they weren't really the same sort of game, other than the "set in space" bit. Star Citizen, meanwhile, is facing substantial delays.
Space games are not an easy market to break into, if you want to make a direct competitor to Elite Dangerous. Look at the basic requirements:
1. set in space, real-time, first person view
- almost certainly requires a custom game engine underneath
- major scale issues to support seamless landings and free in-system flight
- balancing the "space is big and empty, therefore boring" and "space is big and empty, if you didn't want that, why are you making/buying a game about space?" factors is a serious problem
2. massively multiplayer
- obvious solutions to scale issues from single-player don't work
- scale issues also with how you divide the universe up into regions
- world-centred rather than player-centred encounter design is tough
- ongoing cost base
3. role for explorers
- you don't necessarily need a whole galaxy, but several million accessible locations (whether those are systems or sub-system areas depends on how the game is designed and paced) will be needed so that the exploration isn't finished in the first few months
- ideally some of these locations will be more interesting than "ah, a rock", which is a tough one given how many there are
4. at least somewhat dynamic inhabited space
- there's a lot to balance here and on-paper design can only go so far
- decisions to be made about how big this is relative to the player base (and why)
- difficult considerations for how controllable by players this is
...and then there's all the actual implementation issues like "what do ships look like?", "how do they feel to fly?", how combat works, trade, missions, illegal activities, etc. etc. which need their own designs and implementations, which all have to [1] work together without major bugs.
Judging by the forums people have been waiting for someone else to produce a competitor pretty much since the original release. It's been about five years since the Elite Dangerous public alpha release ... and there's not even rumours of anyone new trying to get into the (sub)genre.
I suspect the issue is that it's clearly way outside the capabilities of small companies (which might still produce good space games but with a much more limited scope) but the risk/reward balance is too much towards 'risk' for the big ones.
[1] You can debate how well Frontier have managed to get all the bits to work together in Elite Dangerous without major bugs. But the point of this hypothetical competitor is to be so much better than everyone switches, so BestSpaceGameEver Ltd. has to get those bits right too.