Here's how I see it Titus. There are at least two forms of exploration that can be used in any game and I have my own terms to label these, "Natural Exploration" and "Artificial Exploration". To elaborate:
1) Natural Exploration: A good example of this is Skyrim. In order to explore a person simply heads out into the unknown. In the wilds there will be a number of dangers such as beasts or hostile environments. As a player explores, they will find caves, ancient monuments, barrows, abandoned houses, treasure etc. When a player interacts with any of these, it has a chance of unfolding into something larger. Go into a cave for example, and it may turn out to be a hidden bandit den. Upon closer examination and after elimination of the bandits, information of a hidden cache maybe located. Natural Exploration then is a process that mirrors real-life in the sense that one needs to physically participate in the activity itself, and that once embarked upon exploration will lead to discoveries - which unfold into multi-faceted steps. If this was applied to Elite, I could head out to an unknown system, and see some strange and unusual graphical effect within space, as I approach it turns out to be an unknown anomaly, I gather data from it, that I need to turn into a science station for it to be deciphered. The deciphered information points me to another system perhaps, I head there and find the cause of the anomaly. In another example, I explore near a gas giant with a ring system, and pick up an unusual signal. Upon investigation I discover a pirate base, these guys if they see me may hunt me down or perhaps offer me to join them depending upon my reputation within the game. If I am steathly enough I could get away with the location and sell it to bounty hunters, or give it to the authorities for rep. Maybe it unfolds into an assualt I can take part it. All of this should be possible with procedural generation. There is nothing that would require tons of hand crafted design. The sky is the limit.
2) Artificial Exploration: Some people may find this term unfavorable, but it is my personal term. This type of "exploration" is what Eve uses. It relies on mini-games of various types. Instead of physically exploring the environment, I spend my time exploring UI's and Maps looking for icons that lead to mini-games or other UI's and more detailed maps. Eventually these mini-games provide me with a set of co-ordinates which I can go to. When I arrive at the destination, I will find an object or area that triggers another mini-game, which ultimately may provide me with a "success status", of having discovered something of value.
Elite, to me, needs to be all about natural exploration. I don't want to ever see it go down the path of artificial exploration. Sure the above two concepts are black & white, and there is a lot of room for cross-over. Scanner mini-games leading to the pirate hide-out or the anomaly scenario I mentioned for example. However, to me that stuff never truly feels like exploration. If it is driven by mini-games, then I wouldn't give it the time of day. Exploration needs to be a natural process, it needs to evoke the wonder and awe that you describe in your original post. The discovery of American was driven by the wonder of possibilities and the unknown in the natural environment and mini-games can never hope to replicate that. True exploration leads seamlessly from one step into the next - a process of discovery. Elite has the potential to offer that and more. It's a vast galaxy that essentially offers infinite possibilities. So I agree at the moment it is empty and lacking...it needs so much more.
But to keep the spirit of exploration true, it needs to stay away from mini-games and the over reliance on UI's as much as possible and instead rely upon using the environment itself to provide the necessary drive and gameplay mechanics.
