I believe many people would relish the competitive nature of it - from the existing player population and it would definitely attract new customers from competitive games such as Eve, Planetside 2 etc.
That's the crux of it - Elite isn't competetive. It's a play-as-you-like-when-you-like game. If there was ever any competition in Elite - it was the Reach Triple Elite goal for cash which ended ages ago. The game's already been won. Game over man, game over.