They're actually very different games. NMS is a "Roger Dean artwork generator" with a small survival game embedded in it, while ED is an inheritor of Elite for people who prefer a much more sparsely populated universe than Eve Online. And who like orange.

Elite has deeper combat and PvP.

NMS has base building and much better world exploration.

Both games are a grind until you come across a strategy that gives you a bunch of currency and then it's just a sandbox because you can buy everything (NMS less so because you sometimes have to find the thing to buy).

It definitely feels like it caters to the casual player more than Elite Dangerous, but it’s still a pretty good game all things considered. They just fell into the hype hole.