I generally agree with you title, however, as with many threads, I have to again point out that getting a system going like this, as big and complicated as it is despite what it may look and feel like, is not easy. At all, and to make it exciting over years of gameplay? I would say practically impossible, with all the suggestions i've seen of alternatives, I really don't see them being any better over time, initially people would like it because it would be different, but then over time you'd find the flaws in that and so on and so forth, I believe the best solution is to make tweaks to the current powerplay system, because mechanic wise, it isn't 'bad', problem is the subjective 'fun', course I'm sure some would argue that fighting for a power is serious business and not 'fun' in general.
My thoughts on tweaks to powerplay.
* Remove the specific module rewards from powers, let all powers get access to all modules over time, some are more combat orientated, those would get combat modules first, then maybe in week 5? they'd get another category and a week more for each 'new' until everything is unlocked.
// This would in my mind promote people not jumping between powers and actually create some loyalty, which I believe would go a long way to help the problem with powerplay.
* Add combined efforts that the whole power can do together or in wings or similar, right now it is basically one person, that 'can' have help but doesn't need it, that grinds. Adding cooperative events, mini CG's? or simply you know, much wanted co-op missions that are powerplay related, or just power play missions, would also go a long way to help things in my book.
Those are the two main tweaks I think could help powerplay a lot, tweaks I think are something that 'can' be done within current settings and setup without renewing everything.