If Final Fantasy XIV said there were no expansions after Endwalker, their would be a massive amount of people quitting as soon as 6.5 came out.
it's essentially a dead game at that point.
Same for ED, it doesn't matter if technically you can still play, without anything to look forward to you realize it's pointless.
And that is the crux. Yes, one can still play, but under the realization that the game is stagnant (at least for console players). Nothing new to see, no additions to the story, no vehicles, no new landmarks, no new missions. Now, this may be fine for a new (or relatively new) player, but for the ones who have been with the game since 2015, it is definitely pointless. Supposedly, the servers will continue running for a long time, which is now what is being preached by ED YouTubers like Down to Earth Astronomy, but I believe that will not be the case. Perhaps I am wrong, but I believe Frontier would have completely shut down console ED if it wasn't for their obligations to Sony and Microsoft. Once those obligations are met, console ED will be shut down immediately.
All games (at least popular ones) eventually end, which is why there are sequels/franchises. This isn't the case with Elite Dangerous. There isn't a part two. There are only DLCs and add-ons (even the add-ons could be sold), as well as new story lines, which entice the player's interest. Obviously, this is still happening with PC players, so good fortune to them. Console player, though, have a more dismal future ahead. Yes, they can buy a PC and start their career over, but with inflation becoming worse, and China going into lockdown again, the price for even a moderately efficient PC will be much higher than before.
I would say that perhaps console players have "Starfield" to look forward to, but I would advise them (us) to have reserved anticipation. Bethesda has been fumbling as of late, and there isn't much known about "Starfield" other than what the trailers show, which are all cut-scenes. And yes, there is always No Man's Sky, but that is a different game entirely. Not that NMS is bad, or inferior to Elite Dangerous, but it is a different concept.
The hard truth is that Elite Dangerous is finished, at least for the console player.