I think what happened, looking at this game as a person who never really held any love for it, is that when it was announced, it was announced in probably in the worst time possible.
The factors involved:
- The time: NMS was announced in late 2013, during a strange little pocket of time when gaming believed that indie developers would be the saviors of the gaming industry. People ran with the naive notion after successes like Minecraft and Spelunky that small teams and Kickstarters could pioneer a new brighter era of gaming.
- The place: NMS was first revealed during the VGX awards. For those who have repressed that memory, this was a flailing attempt to appeal to gamers... and it was considered to be one of the most cringe-worthy spectacles in gaming history. At the time, many outlets considered NMS to be the only highlight of the evening, therefore it caught nearly everyone's attention.
- The exhaustion: As mentioned above, NMS was announced at the tail end of 2013, a year which gave us "The Last of Us," "Grand Theft Auto V," "Bioshock Infinite," and "Call of Duty: Ghosts," among others. This was also about that time when the gaming media began to actively whine loudly about "cognitive dissonance" and were largely exhausted about player 1st and 3rd person shooters. When NMS appeared, looking like this bright sun-kissed endless wonderland of imagination, people exhausted playing the types of games previously mentioned immediately put the game on a pedestal without a second thought.
Now, this isn't to say Hello Games is above fault- far from it. They decided to run this hype train for all that they were worth... and then probably realized they were waaaay over their heads waaaay too late. They, were supposed to be the chosen ones, after all; they couldn't just come out and admit what they showed back in VGX was essentially a proof of concept piece. Their egos got too big and the hopes and aspirations of the gaming horde was too great.
The game was doomed from the moment it was announced.