[1] There had been canals in the past that traveled from the Red Sea to the Nile delta, but these invariably silted up rather quickly (the Nile was sediment-heavy, and wind-blown sand is quite common in the region). Thus there was historical evidence favoring the idea that the dredging maintenance fees would exceed the revenue from passing ships.
[2] Of course, this was the Third Republic, which is notorious for having provided series of weak, unstable governments replete with scandals that prompt new governments. Ironically, the Third Republic was the longest-lasting form of government France has had since the Ancien Régime.
1. Elon Musk has thought about them more than we have.
2. If his initial concept turns out to be incorrect in some way, he will change it until it is workable.