To me, it's anything you want it to be, but built on a magnificent piece of software called the stellar forge. You can literally do anything, trading, exploring, fighting, spying, politics, alien hunting, puzzle solving, mystery trails...but that can all be done in Solo mode.
It's tricky playing with friends in open, because it's a vast space to play in, and tricky enough to find each other before you start doing missions together, but I can see how these new Fleet Carriers can be a massive help, especially if you tie it in to squadrons. When they come live (FC) and you're in an active squadron (say, the Elite Dangerous Explorers Xbox Group), hopefully there'll be a mechanism where the squadron can pay into a common pot and buy a Carrier, if not, a wealthy benefactor can buy it. The whole squadron can be on the FC, fly off 500ly, find somewhere nearby for the miners to fill reserves, explorers head out etc.
Then there's playing the BGS, where you can aid player factions - again, finding info on superb third-party sites/apps (all of them findable from this forum, if you look for it.)
Powerplay, although it is utterly beyond me, is next level political machination deep state rpg, and to be honest, fair play to those that can!
So, Elite for me is the board game that every other game can be played on, and the 3rd party knowledge and activities are, to stretch the analogy, the DM books, the strategy guides, the board pieces.
Elite is what you make of it, no more, no less.