Memes aside, the development of the game, while infuriatingly slow (I assume due to dev's perfectionism and choice not to pursue crowdfunding/EA or recruit additional devs, for better or for worse,) has been relatively steady and focused in my estimation. Such things as skill, weapon, and ship balance go back and forth (and are in a very good place as of the last few versions IMO, hence the skills were not touched at all in 0.96.)
But those are mostly numbers tweaks that probably do not consume many development resources, whereas large systems that require a lot of new sprites/codes/text typically follow the pattern of implementation (usually at least 1 large game mechanic per update) and subsequently being fleshed out or extended.
Compared to other titles with similarly long development cycles, there does not appear to be a ton of redundancy, meandering, or feature creep. Its not really comparable to whatever the fuck was going on with That Which Sleeps, or the perpetual identity crisis of Copper Dreams/Mechajammer (RIP,) or Exanima with its "and for the next update we are going to rework the procedural generation of wooden shafts for the glaives, with RNG axe handles to come in the next update, also do you remember how this was supposed to be a glorified tech demo for our big rpg TBD: never?"
By contrast, I can't really think of a major game system in Starsector that was changed beyond its recognition besides the skill system, and certainly nothing I would consider to be indulgent.
I think the last half of Age of Decadence's dev cycle may an apt comparison in that it did take a ton of time, but it was not - at least for the part of its development I followed - emblematic of the sort of blatant mismanagement, lack of focus, or game design gaffes we see associated with development hell.
At this point all I think the game really needs for a very solid 1.0 experience is some sort of late-game threat, quests for the factions that lack them (with some use for the reputation you get with individual characters through said quests,) plus more political/management/fleet command options - and you can pretty much see the foundation for all of the above in the last couple of updates, from the spooky scary end game stuff to how certain quests and faction-related decisions influence hostile activities against your colonies and so on. So... ~3-6 more years until 1.0, maybe?
Perhaps I am wrong and did not follow the development closely enough (I was playing on-off since starfarer days but did not really get hooked in until the 0.95 release, and my attention to dev cycle followed roughly the same trend.)