"Why should I get to Elite rank? What does that give me? And where are these NPC's, factions, and world events? The game does nothing to even let me know these things exist, or how to get to them."
Getting to Elite gives you the satisfaction of getting to Elite. That's it. It's a thin premise that exists solely to have *some* kind of progression. The reason someone plays the game is because they enjoy the gameplay in and of itself. There's no "Congratulations!" screen. There's no big story pay off or artificial feeling of completion. If you don't enjoy the moment-to-moment gameplay of just being a space trucker or hunting down criminals or aligning yourself with some faction and trying to rise through their ranks or pirating or sneaking around security with a cargo full of contraband, etc. then yeah, there's nothing for you here.
When you're docked (as you start the game) if you enter starport services, the first thing you see on the right hand side is a ticker of news events (called GalNet) that's frequently updated with procedural things that are happening in the game. Slave uprisings, civil wars, political intrigue, market trends and so on. If you go to the systems mentioned in the news updates, you'll see missions related to whatever's happening there and which missions you choose and how you complete them will have some effect on the end result (along with every other player) of that event.