Some people love PvP, sure, but note that I said a lot don't. It's not mutually exclusive.
Yes you can speed up the economics, research, ship construction to speed up gameplay, but that's not really an issue. Increasing game speed up to 10x is possible, but multiplayer doesn't permit speed changes - once it's set it's set. Frankly 1x speed can be too fast at times. Yes you could truncate a long game into a quick one - certainly the Replay option works that way, but being playable is another matter.
Updating is almost automatic so if you're online then you're likely playing the latest patch.
Mods could be an issue, but how common is that?
Timezone isn't an issue if you're playing with IRL friends.
Having more start options e.g. all research unlocked could be interesting. But you'd probably still need to build the civil and military research centres to enable it. Alternatively, what if the starting fleet was customisable? What if instead of 2 scouts or whatever TEC and Advent get, or 2 scouts + 3 light frigates + colony capital ship for the Vasari, you were given a supply quota - selectable at start, and then 'built' your fleet before the game start i.e. something like a Total War: Whatever multiplayer? Obviously Vasari would get an extra 100 Supply whatever as they don't start with a planet. You'd be limited to capital ships, scouts, light frigates and colony ships if no tech was unlocked, but if the full tech tree was unlocked, and the start supply was high enough then maybe you could start with a titan in your fleet!
FWIW the tech unlock may not be of interest to those I play with, but a 'build your own start fleet' likely would!