I know there isn't a narrative or campaign, but are there any incentives to excel at a job? Like if you become a great mercenary, do you get recognized by the factions? Or if you're a ruthless pirate, will other ships fear/respect/etc. you? Stuff like that?
Yes and no. As a pirat you'll collect bounties - although there are easy ways to get rid of them. By destroying ships in general, you'll increase your combat rank. NPCs won't run from you because you're deadly and wanted, although security will attack you when you're wanted in their particular system. Depending on what you do - e.g. kill security ships of a faction, you'll lose / or gain standing with the faction.
There are all those interlocking systems in place, but they are still rather shallow in terms of what effect they have. From a certain point onward, you'll probably get most of the game through player interaction. As the game still lacks a player market crafting etc.. that's also relatively limited however. On top of that, you can only indirectly influence the game world and it does only have rather subtle, and sometimes still bugged (if it wasn't fixed by now) effects on the background simulation.
Which is the basis for many of the "high profile" complaints (negative reviews after hundreds of hours of playtime) about the game and where they are largely justified - especially when the talk comes to "end game" content. It's still too shallow. This is however something, that takes quiet a while to get to (more than two or three hours to form this judgement at least) and and gets slowly remedied over time. The game has evolved quiet a bit compared to this time last year. A deathmatch mode, the wings mechanic (the lack of which was embarassing when the game launched
), community goals, more mission variatey, more ships, subtle improvements and balance changes making mining and bounty hunting useful professions, Powerplay (which is imo not ideal yet either >.<)...
But there's also the crowd that seems to hate this game with a passion - see the metacritic user reviews as well as many of the steam reviews. Some might have tried it, found it didn't cater to their expectations, dismissed it and slapped it with shallow negative review. Some still seem to be mortally offended that the offline mode from the initial kickstarter was cut and will likely never be implemented. And some seem to think that there is only one savior for the space game genre and to them it's apparently not Elite.
In the end you have to determine for yourself whether or not you're "into" Elite. If I had to review it by objective measures while keeping my bias in check, I'd probably not rate it over 7 or 8 out of 10. If I had to rate it by how much I like the game, it would be a clean 10/10.
Which is, why I've stopped following reviews too closely.